Tokyo-headquartered Artificial Intelligence (AI) startup Cinnamon has raised US$8 million in equity financing from a host of investors, including SBI Investment, FFG Venture Business Partners, ITOCHU Techno-Solutions Corporation, Sony Innovation Fund (Corporate Venture Capital of Sony), and TIS.
Additionally, the startup has received US$1 million in debt venture financing from Mizuho Bank and Sumitomo Mitsui Banking Corporation.
The company intends to raise a total of US$10 million from this round and looks to close it by August-end.
The Series B investment will be used to hire talent, accelerate growth by expanding customer network, strengthen technology, and invest in R&D.
Cinnamon provides Flax Scanner, an auto-documentation tool which enables users to extract information from application forms, documents, and email, and to create formatted documents. The product understands contexts and reformats the documents from unstructured business documents and email. This tool can apply to both hand-writing and text data.
Flax Scanner can apply to any type of unstructured and business documents; has recognition accuracy for hand-written reading; improves accuracy by using auto-correctors build with client databases; and can be used in both on-premise- and cloud-based by following customers’ security policies.
In addition, Cinnamon provides Scuro Bot, a chat bot that understands Natural Language and Lapis Engine (its recommendation engine) for customer support, interview arrangement, and property portal website.