Cinnamon has raised 15 Million USD for Series B equity and debt finance.
Summary
■The objective of acquiring the investment and the new Shareholders To achieve the vision of ‘Extend human potential by eliminating repetitive tasks’, Cinnamon strengthens the below key areas; ・Accelerating the growth by increasing the company reputation and expanding customer network behind building the strong investor structure, ・Strengthening the core technologies and user interfaces of the AI products, ・Building the strong organizations to provide cutting-edge AI technologies and quality customer services in Japan, Vietnam, and Taiwan, ・Driving global expansions to the US, and ・Investing R&D to create new AI products like Voice Recognition. We hope that the company will develop high-precision AI products specializing in operational domains, which cannot be achieved by generic AI engines.” “Sumitomo Corporation is supporting startup companies in fast commercialization and growing their business by actively matching up these enterprises with our group companies’ own lineup of business assets, at the same time pushing ahead with the Sumitomo Corporation Group’s digital transformation (hereinafter, “DX”). This time, we appreciate Cinnamon’s organizational scheme to have high skilled AI engineers, which also lead to the technical superiority of their product. Cinnamon provides Flax Scanner, a cognitive document reader, and other AI engines for top large corporations in Japan. Since Flax Scanner’s launch in April 2017, Cinnamon has acquired over 200 Sales leads and provided top-level AI solutions in Japan.