Japanese AI startup Cinnamon raises $15m in Series B funding

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Cinnamon, a Japanese startup that uses artificial intelligence (AI) to improve workplace productivity, on Monday announced that it has raised $15 million in a Series B funding round.

The latest funding, which aims to support Cinnamon’s expansion into the US, came from a group of investors that includes existing backer SBI Investment and Mirai Creation Investment Limited Partnership II, an investment arm of SPARX Group, the company told DEALSTREETASIA in an interaction.

Other investors include FFG Venture Business Partner, ITOCHU Techno-Solutions Corporation, Sony Innovation Fund, TIS Inc, Nomura Incubation Investment Limited Partnership, Sumitomo Corporation and SMBC Venture Capital.

The capital raised will also be used to enhance its AI platform and build products to drive business process re-engineering for large corporations, Cinnamon said in its statement. It also expects to build a team of 200 high-tech engineers and researchers in Vietnam by the end of 2019.

Cinnamon’s core product is an auto-documentation tool called Flax Scanner that allows users to extract information from application forms, documents, and email, and then create formatted documents. The Japan-based company has offices in Tokyo, Silicon Valley, and Vietnam.

“We are strengthening several areas of the company to handle our growth. Our initial objectives for Cinnamon in the US include establishing the company as a technology presence in Silicon Valley while adding to our core development group and on-boarding a U.S. sales team,” said Cinnamon Inc CEO Miku Hirano.

In June 2018, the AI startup had raised $9 million in equity and debt financing from multiple investors, including SBI Investment, and major Japanese banks.

Also Read:

Japanese AI startup Cinnamon raises $9m in SBI Investment-backed round

Japan’s SBI Investment injects $15m in Taipei-based AI startup 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.