Applica Raises Series A Funding Led by Cogito Capital Partners
21 January 2020
LONDON, Jan. 21, 2020 /PRNewswire/ -- Applica, a Warsaw and London-based enterprise software company and a leading developer of a AI-based Robotic Text Automation platform announced Series A funding round led by Cogito Capital Partners, with participation of Barclays.
Applica's customers use Applica's platform to extract actionable information from large volumes of unstructured and semi-structured documents such as regulatory financial filings, earnings call transcripts, commercial contracts or court rulings. Applica's platform is often implemented together with robotic process automation (RPA) solutions that automate workflows in enterprises. The company is a global technology partner of the leading RPA platform vendors.
"Applica is on a mission to free knowledge workers from repetitive and text-intensive tasks and let them focus on higher value work. The success of RPA is a stepping stone for powerful AI-based platforms to automate work that requires human-level scrutiny and comprehension of documents," said Piotr Surma, CEO of Applica. "The financial backing and domain expertise of Cogito and Barclays will help us execute our strategy and strengthen Applica's presence in the US market."
The undisclosed amount of funding will be used by the company to fuel its further global expansion. The Cogito team will support Applica in building out key go-to-market partnerships, with particular focus on the US market. Barclays has been an early supporter of Applica through the Barclays Accelerator, powered by Techstars; Applica participated in the 2018 New York cohort.
"We are excited about Applica's prospects and impressed with the quality and scalability of the platform they've developed. Their ability to extract meaning from unstructured text in large volumes of documents is clearly market leading, as demonstrated by a number of recent high-value customer wins," said Martin Jasinski, Cogito's General Partner.
"During Applica's participation in the Barclays Accelerator, powered by Techstars, we were impressed by Applica's ability to build cutting-edge and commercially impactful AI-based tools," said Kester Keating, Head of US Strategic Investments at Barclays. "Through this Series A funding, we are pleased to support Applica's further development, and look forward to working with them as they address the huge market opportunity around RPA with new partnerships and products."
About Cogito Capital
Cogito Capital Partners is a venture and growth capital firm based in Warsaw and New York. Cogito invests in late- and growth-stage tech companies predominantly operating in CEE and other European countries, but with global expansion potential. Cogito focuses primarily on key B2B technology sectors: enterprise software, fintech/insurtech, medtech diagnostics/telemedicine and IoT, partnering with entrepreneurs seeking investors with CEE regional presence and global reach.
Applica is a leading provider of AI-based Robotic Text Automation solutions for enterprises. The company automates human work that requires text comprehension by extracting information from unstructured and semi-structured documents and making related decisions. Applica's proprietary, brain-inspired Contextual Awareness technology is domain- and language-agnostic and can be rapidly deployed and used by non-experts. The company's Robotic Text Automation platform is engineered by a world-class R&D team of AI scientists and is used by financial institutions, global media companies, and law firms to automate processes that require text comprehension.
Barclays is a transatlantic consumer and wholesale bank offering products and services across personal, corporate and investment banking, credit cards and wealth management, with a strong presence in our two home markets of the UK and the US. With over 325 years of history and expertise in banking, Barclays operates in over 40 countries and employs approximately 83,500 people. Barclays moves, lends, invests and protects money for customers and clients worldwide. Barclays offers investment banking products and services in the US through Barclays Capital Inc.
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