Japan-based artificial intelligence (AI) technology developer Cinnamon AI has secured ¥1.3bn ($12.1m) of equity and debt financing in a series C round backed by investors including production studio Geek Pictures.
Corporate joint venture Design for Ventures (D4V), venture capital firm Pegasus Tech Ventures and private investor Takeshi Natsuno also participated alongside financial services firms Sumitomo Mitsui Banking Corporation, Japan Finance Corporation and Shoko Chukin Bank that supplied debt.
Founded in 2012 as Cinnamon, the company provides an AI-enabled document-reading and voice recognition software tool that allows automated data collection from business records including contracts, emails, financial statements and invoices.
The cash will be used to employ AI-focused engineers, strengthen the organisational structure, improve the company’s AI technologies and platforms, and boost research and development spending.
Cinnamon AI previously closed a $15m series B round in January 2019 featuring systems integrator TIS, trading firm Itochu’s Techno-Solutions unit and electronics producer Sony’s Innovation Fund.
Banks SBI, Bank of Fukuoka and Nomura Group contributed to the series B funding through SBI Investment, FFG Venture Business Partners and Nomura Incubation Investment subsidiaries, while Sumitomo Mitsui Financial Group invested directly along with asset manager Sparx Group and individuals Sachio Semmoto and Fujiyo Ishiguro.
Investment and property firm MT Partners, marketing firm Vector and robotic process automation technology provider RPA Holdings supplied an undisclosed sum in 2018, investing alongside Monex Ventures, a unit of financial exchange operator Monex, and private investors.
D4V acquired shares through a secondary transaction at the same time, though the identity of the selling shareholder was not disclosed.
