Japan-headquartered document-reading tool developer Cinnamon has received $15m in series B funding from investors including systems integrator TIS, electronics producer Sony and trading firm Itochu.
Financial services firms Sumitomo Mitsui Financial Group, SBI, Bank of Fukuoka and Nomura Group also participated, the latter three through SBI Investment, FFG Venture Business Partners and Nomura Incubation Investment respectively.
The round was filled out by asset manager Sparx Group and private investors Sachio Semmoto and Fujiyo Ishiguro, while Sony and Itochu invested through their Sony Innovation Fund and Itochu Techno-Solutions units.
The funding comes after Cinnamon had raised $7.3m in a May 2018 first tranche that was secured alongside $910,000 of debt financing from Mizuho Bank and Sumitomo Mitsui Banking Corporation.
Founded in 2012, Cinnamon has developed a tool that uses artificial intelligence technology to automatically extract data from unstructured business documents such as invoices, contracts, emails and financial statements.
The tool can be used with handwritten or text data to reduce the cost and speed of business tasks. Proceeds from the series B round will fund the company’s planned expansion into the US and the strengthening of its product.
Cinnamon chief executive Miku Hirano said: “We are strengthening several areas of the company to handle our growth.
“Our initial objectives for Cinnamon in the US include establishing the company as a technology presence in Silicon Valley while adding to our core development group and onboarding a US sales team.”
The company had previously raised $1.4m in 2014 from CyberAgent Ventures, internet company CyberAgent’s corporate VC fund, in addition to TBS Innovation Partners, Incubate Fund, and Golden Gate Ventures, according to The Bridge.