AI-based Text Comprehension Software Startup Applica Raises Series A Funding

AI-based Text Comprehension Software Startup Applica Raises Series A Funding

by NeoTech Post

Applica, an enterprise software company and a developer of an AI-based robotic text automation platform, announced Series A funding round led by Cogito Capital Partners, with participation from Barclays. 

According to the company, its AI-based robotic text automation solutions for enterprises automate human work that requires text comprehension by extracting information from unstructured and semi-structured documents and making related decisions. 

The platform is used by financial institutions, media companies, and law firms to automate processes that require text comprehension.

“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 company plans to use the undisclosed amount of funding to fuel its further global expansion. 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.