Berlin-based data infrastructure and analytics platform cloudsquid, which deploys AI agents to extract and transform unstructured data from PDFs, images, and other text files, has secured $1 million to scale its engineering team and core platform. Investors include HTGF, Backbone Ventures, and business angels.
- Founded in 2023 by Sangwoo Bae, Filip Rejmus, and Mike McCarthy, cloudsquid develops a data infrastructure and analytics platform that automates the extraction and transformation of unstructured data from documents like PDFs and images.
- Cloudsquid deploys AI agents to help businesses streamline their document workflows, allowing Data and Operations teams to quickly and efficiently build real-time data pipelines between various documents and applications.
- The startup allows users to process thousands of files through direct uploads or via an API, handling complex documents with features like nested tables.
- Once the data is extracted, it can be converted into structured formats such as SQL, CSV, or JSON, with options for validation and enrichment using a Python and SQL workbench.
"Whole teams of people are spending the majority of their work day transferring fields from PDFs into back office systems. It’s a huge waste of potential amid Europe’s skilled labor shortage. AI can solve these legacy bottlenecks quickly, we are able to help these companies skip a few steps forward on the digitization journey immediately," co-founder and CEO of Cloudsquid, Mike McCarthy, stated.
Details of the deal
- HTGF, a Bonn-based venture capital firm, specializes in early-stage investments across Germany and Europe, focusing on sectors such as Deep Tech, Industrial Tech, Climate Tech, Digital Tech, Life Sciences, and Chemistry. With over €2 billion under management, HTGF has financed more than 750 startups since its founding.
“Cloudsquid is transforming how companies deal with their unstructured data, bringing much-needed ease of accessibility to all kinds of industries. Mike, Filip and Sangwoo are an outstanding team and we are excited to support them on their mission," Claims Björn Sykora, Principal at HTGF.
- The round also received support from Zurich-based VC Backbone Ventures, as well as business angel investors Reetu Kainulainen and Udi Miron.
- The startup plans to use the funding to improve its platform and expand its engineering team, which will help accelerate its mission to enhance data extraction and integration from complex document files using Generative AI.
