AI Platform Cloudsquid Raises $1M for Data Extraction Tech
Founding team of Cloudsquid - © Cloudsquid
Berlin-based AI startup Cloudsquid has secured $1 million in pre-seed funding to transform how businesses handle unstructured data. According to the company's announcement, the round was led by High-Tech Gründerfonds (HTGF) and Backbone Ventures, with participation from angel investors Reetu Kainulainen, founder of Ultimate AI, and Udi Miron, VP Product at Ultimate AI.
Founded in 2023 by former Uber and AWS engineers Filip Rejmus and Sangwoo Bae, along with Mike McCarthy from Ultimate AI, Cloudsquid is developing an infrastructure-level solution for technical teams to extract and transform unstructured data from complex documents.
The company's universal API can process various file formats, including documents, emails, CSV files, and images, converting them into structured data that integrates seamlessly with downstream systems like databases, ERP, and CRM platforms. This approach addresses a significant challenge, as over 80% of enterprise data exists in unstructured formats.
"Entire teams spend most of their workday transferring fields from PDFs into back-office systems. Given the skilled labor shortage in Europe, this is an enormous waste of potential," says Mike McCarthy, co-founder of Cloudsquid, as stated in the press release.
The startup already serves customers ranging from high-growth tech startups to established enterprises. With the new funding, Cloudsquid plans to expand its engineering team and scale its core platform. The company aims to launch a General Availability Release and a freemium plan by the end of 2024.
