Armenian fintech start-up to know attracted $2 million in investment for its seed round from leading venture capital firms and world-class angel investors. The recent capital injection will be deployed to advance the company’s cutting-edge computer vision and natural language processing capabilities, as well as expand into new markets, the company said in a press release.

Founded in 2018, cognaize is an AI FinTech that helps banks and insurance companies process key information at an unprecedented rate and level of quality.

The lead investors in the series are US-based BAJ Accelerator and Argonautic Ventures, along with Metaplanet Holdings (backed by Skype co-founder Jaan Tallinn and early investor in Google DeepMind) and one of Armenia’s leading VCs Granatus Ventures joining to close out of turn.

Notable angels in the round also include Jeff Inger, former SVP of the US Federal Reserve of New York, and Dr. Armen Kherlopian who sits on the NASA-backed TRISH Scientific Advisory Board.

The company has grown rapidly in the US and German markets, with current clients including, among others, Moody’s Analytics and Germany’s second largest insurance company R+V.

The company’s core team of 240 people works from Armenia. It includes data analytics professionals, data scientists and data architects, with the increased hiring made possible by the recent injection of capital and strong traction in the market.

“Our company has now entered a phase of rapid growth. To support more customers and advance our products, cognaize announces the creation of 50 jobs on attractive terms, including an employee stock option program,” said Vahe Andonians, Founder and CEO of cognaize.

“Cognaize is an artificial intelligence company specializing in creating actionable intelligence from unstructured documents using Deep Learning. With innolytiq, cognaize has created an unrivaled AI platform helping customers achieve true automation at unparalleled speed. In addition, cognaize offers its customers support to develop tailor-made Deep Learning solutions that perfectly meet their needs. Finally, cognaize offers data as a service, supporting all data mining needs using its own platform and model development capabilities.

At cognaize, we approach every business relationship with a firm commitment to earning and maintaining our customers’ trust. It is essential to every service we provide. For us, the real criteria of success are being there when customers need us most and delivering when the challenges are greatest. This is how lasting trust is built,” reads the company’s press release.

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