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.