“Building a strong investor structure to drive this expansion has been a key part of our strategy, helping us to continue to create new and enhanced AI technology like voice recognition,” said Miku Hirano, CEO of Cinnamon Inc.
SAN MATEO, Calif. (PRWEB) January 28, 2019
Cinnamon AI, Inc. http://cinnamon.is/en/ (Cinnamon), a global leader in artificial intelligence solutions that turn any document into decision-ready data, today announced that it has secured $15 million in equity funding to support its expansion into the U.S.
Cinnamon’s AI-powered cognitive document reader understands intent and context and can quickly and accurately transform the most complex unstructured business documents into database-ready content regardless of the original source – handwritten or text data.
“We are strengthening several areas of the company to handle our growth. “Our initial objectives for Cinnamon in the U.S include establishing the company as a technology presence in Silicon Valley while adding to our core development group and on-boarding a U.S. sales team,” said Miku Hirano, CEO of Cinnamon Inc. “Building a strong investor structure to drive this expansion has been a key part of our strategy, helping us to continue to create new and enhanced AI technology like voice recognition. We are pleased to have secured this final second round of investment from such an esteemed group of investors.”
With this new Series B investment, Cinnamon will continue to enhance its AI platform and build products to drive business process re-engineering for large corporations. With the addition of Takeshi Niinami, Suntory Holdings CEO, as an advisor, Cinnamon is set to continue to collaborate with its channel partners to provide solutions to serve its global customers.
Cinnamon’s mission is to ‘extend human potential by eliminating repetitive tasks.’ Its intelligent data extraction software enables enterprise clients to get actionable data from their application forms, invoices, contracts, and emails.
This Series B funding round was secured from investors:
FinTech Business Innovation LPS（SBI Investment Co., Ltd.), SBI Venture Investment Revitalization Tax System LPS（SBI Investment Co., Ltd.), FFG Venture LPS 1（FFG Venture Business Partners Co., Ltd.), ITOCHU Techno-Solutions Corporation, Sony Innovation Fund, TIS Inc., Mirai Creation Investment Limited Partnership II (SPARX Group Co., Ltd.), Corporate Venture Capital Fund (Nomura Incubation Investment Limited Partnership) of Nomura Holdings Inc., Sumitomo Corporation, Next-Gen Corporation Supporting I Investment Limited Partnership (SMBC Venture Capital Co., Ltd.) Sachio Semmoto (RENOVA, Inc., Executive Chairman Representative Director, and Fujiyo Ishiguro, (Netyear Group Corporation, Representative Director and CEO).
Cinnamon provides deep learning backed products for Artificial Intelligence.
Artificial Intelligence (AI) is a computer system that can learn, infer, recognize, and judge like humans do. Cinnamon AI has 99.2% accuracy for handwriting recognition (significantly better than humans) and is up to 100% accurate for business data. It can be used in both on-premise and in cloud-based environments, adhering to businesses’ security policies. The Japan-based company has offices in Tokyo and Silicon Valley.
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