Cogniquest receives funding to help businesses digitize documents

The seed funding round was led by VC firm Cedar-IBSi Capital, which focuses on financial technology, and over 25 Indian angel investors.

The capital will be used to further scale up technology development, expand use cases and build teams

Founded in 2022, Cogniquest claims to have created a context-aware AI platform that can capture key data points and generate actionable insights from repositories of information

Artificial intelligence (AI) startup Cogniquest has raised an undisclosed amount of seed funding from financial technology venture capital firm Cedar-IBSi Capital and angel investors.

The round saw participation from over 25 Indian angel investors, including QuantGro co-founder Dhiraj Sinha, former Infosys executives Umashankar Malapaka and Visveswara Gupta, former Accenture India managing director Rajesh Bhat, Anup Naik and Santosh Rao of Zeliot, Vimal Singh of ReadyAssist, Srinivas Majji and others, Cedar-IBSi said in a statement.

Founded in 2022 by Satish Grampurohit and Girish Kerodi, Cogniquest claims to have created a context-aware AI platform that can capture key data points and generate actionable insights from documents and information repositories.

It claims to offer 200 times faster document processing and already serves brands such as IT giants Infosys and Tech Mahindra.

Cogniquest co-founder and chief business officer (CBO), Kerodi, told Inc42 that the fresh capital will be used to further scale up the technology, expand use cases, and “build a strong team.”

He added that the Cedar-IBSi investment will help the company leverage the VC’s expertise to build “deeply vertical” solutions aimed at the finance and banking sector.

Kerodi, however, did not disclose the amount of funding or the startup’s valuation after raising capital.

Commenting on the fundraise, Cogniquest Co-Founder and CEO Grampurohit said, “Securing seed funding from Cedar-IBSi Capital and esteemed angel investors marks a significant milestone in our journey… Fueled by the overwhelming response from customers and partners, we are excited to build a world-renowned SaaS platform for enterprises from India.”

The investment will be completed within a few months Cedar-IBSI closes first fintech fund of INR 240 Cr in March this year, raising capital of INR 50-75 Cr. Plans to invest INR 10-15 Cr each in 15 early stage fintech startups across B2B fintech and banktech

“…We are excited to partner with Cogniquest, which is building a groundbreaking AI-enabled platform to extract meaningful, refined, classified and verified data from complex and unstructured documents. All this is led by the capable leadership of Satish, Girish and their diverse team,” said Cedar-IBSi Associate Partner Subit Saurav.

The development comes at a time when AI mania has gripped the Indian startup ecosystem. From customer service to fintech, the emerging technology has found applications across the board, resulting in renewed investor interest.

Last month, Inc42 reported that the startup GenAI Gnani.ai raises $4 million in Series A funding with Info Edge. Earlier, IIFL Fintech Fund invested an undisclosed amount of funding buy 10% stake in Gen AI startup Vitra.ai.

Last month, the AI ​​sales development platform Pintel.ai also earned $1 million in a seed funding round led by IvyCap Ventures.