Cinnamon Inc. raises 9 Million USD by equity and debt finance.
To achieve the vision of ‘Disruptive Ai to extend human potential’ by improving white-collar productivity, Cinnamon Inc. will enhance its products and strengthen the organizations.
One of the leading Artificial Intelligence (AI) startups, Cinnamon Inc. (Headquarters in Tokyo, Japan), raises 9 Million USD by equity finance from Venture Capital Funds of SBI Investment, Corporate Venture Capital of FFG Venture Business Partners, ITOCHU Techno-Solutions Corporation, Sony Innovation Fund (Corporate Venture Capital of Sony), and TIS, and by debt finance from Mizuho Bank and Sumitomo Mitsui Banking Corporation.
■The details of the fundraising
Cinnamon plans to raise 10 Million USD for Series B. It raises about 8 Million USD as the first round and continues to raise additional funding for the final Series B closure targeting by the end of August. The company also raises about 1 Million USD by debt finance from the below banks.
■The objective of acquiring the investment and the new Shareholders
To achieve the vision of ‘Disruptive AI to extend human potential’ by improving white-collar productivity, Cinnamon strengthens the below key areas;
・Hiring top level talents especially for highly skilled AI talents globally,
・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 and Vietnam, and
・Investing R&D to create new AI products like Voice Recognition.
◯FinTech Business Innovation LPS（SBI Investment Co., Ltd., Minato-ku Tokyo, Representative Director and President: Katsuya Kawashima）
〇SBI Venture Investment Revitalization Tax System LPS（SBI Investment Co., Ltd., Minato-ku Tokyo, Representative Director and President: Katsuya Kawashima）
◯FFG Venture LPS 1（FFG Venture Business Partners Co., Ltd, Chuo-ku Fukuoka, President：Satoru Fukuda）
◯ITOCHU Techno-Solutions Corporation（Chiyoda-ku Tokyo,President & CEO：Satoshi Kikuchi）
◯Sony Innovation Fund
◯TIS Inc. （Shinjuku-ku Tokyo, President : Toru Kuwano）
◯Mizuho Bank, Ltd.
◯Sumitomo Mitsui Banking Corporation
Under the key business domain of ‘White-collar productivity improvement’, Cinnamon continues to enhance the core technologies of the AI platforms and build AI products to drive Business Process Re-engineering of large corporations. Cinnamon will also collaborate with many channel partners to provide our solutions to more customers. Cinnamon plans to expand overseas to serve global customers.
【Cinnamon Inc. Company Information】
Company Name：Cinnamon Inc.
HQ：1-9-16 Higashi Azabu, Minato-ku, Tokyo
CEO：Ms. Miku Hirano
■Business Overview: AI product business, AI consulting development
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.
On top Flax Scanner, Cinnamon provides Scuro Bot (Chat bot understanding Natural Language and Lapis Engine (Recommendation engine) for Customer Support, Interview Arrangement, Property Portal Website, and others.
■Product Overview: Flax Scanner, Cinnamon’s core product
Flax Scanner is an Auto-documentation tool which enables users to extract information from application forms, documents, and Email, and to create formatted documents.
Flax Scanner understands contexts and reformats the documents from unstructured business documents and email. This tool can apply to both hand-writing and text data.
1) It can apply to any type of unstructured, business documents.
2) It has the high recognition accuracy for hand-written reading. Japanese hand-writing reading accuracy at 99.2% for research data and 95-98% for real business data.
3) It improves accuracy by using auto-correctors build with client databases.
4) It can be used in both on-premise- and cloud- based by following customers’ security policies.
■Main Shareholders of Cinnamon Inc.