Cloudsquid receives 1 million US dollars in pre-seed funding

New approach to data integration: Cloudsquid offers a universal API that frees organizations from time-consuming paperwork

Berlin, November 4, 2024 - Cloudsquid, an AI agent platform for extracting and transforming unstructured data, today announced the successful completion of a USD 1 million pre-seed financing round. The round was led by High-Tech Gründerfonds (HTGF) and Backbone Ventures with participation from angel investors Reetu Kainulainen, Founder of Ultimate AI, and Udi Miron, VP Product at Ultimate AI. The funding accelerates Cloudsquid's mission to revolutionize data extraction and integration from complex document files using generative AI.

Innovative solution for unstructured enterprise data

Over 80% of corporate data is in unstructured formats, including documents, emails, CSV files and images. Cloudsquid addresses this challenge with a universal API that ingests files in any format, transforms them into structured data and seamlessly integrates them into downstream systems such as databases, ERP and CRM. By solving this challenge at the first step of data capture, Cloudsquid enables engineering and data teams to completely bypass manual data entry workflows and focus on developing new, powerful user experiences for end customers and internal teams.

Entire teams spend a large part of their working day transferring fields from PDFs into back-office systems. Given the skills shortage in Europe, this is a huge waste of potential. AI can quickly solve these legacy issues. We can help companies immediately skip a few steps on their digitalization journey.

Mike McCarthy, co-founder of Cloudsquid

Cloudsquid goes beyond traditional SaaS solutions

Rather than developing a SaaS application tailored to specific workflows, Cloudsquid co-founders, Sangwoo Bae and Filip Rejmus, have a more fundamental vision: they want to solve these data problems at the infrastructure level for technical teams. "We've talked to many product teams working to develop similar AI capabilities internally and found that they often face critical accuracy and reliability challenges that prevent them from going into production," explains Sangwoo. "Developing an AI pipeline from scratch to process complex documents at scale is a costly endeavor."

Already serving customers ranging from high-growth tech startups to established enterprises, Cloudsquid will use the new capital to expand its engineering team and scale its core platform. With a general availability release and a freemium plan until the end of 2024, Cloudsquid is positioned to bring the platform to an even wider audience.

Cloudsquid is changing the way organizations handle their unstructured data, enabling much-needed ease of access for all industries.

Björn Sykora, Principal at HTGF

Cloudsquid was founded in Berlin in 2023 by Filip Rejmus (formerly of Taktile and Uber), Sangwoo Bae (formerly of AWS and Kubermatic) and Mike McCarthy, an early team member and Revenue Leader at Ultimate AI. The startup aims to harness the value of unstructured data for companies of all sizes.