Cogniquest Bags Seed Funding to Revolutionize Enterprise Document Insights
- ByStartupStory | August 3, 2024
Artificial intelligence (AI) startup Cogniquest has raised an undisclosed amount of seed funding from fintech-focused venture capital firm Cedar-IBSi Capital and a group of angel investors.
The funding round saw participation from more than 25 Indian angel investors, including QuantGro cofounder Dhiraj Sinha, ex-Infosys executives Umashankar Malapaka and Visveswara Gupta, former Accenture India managing director Rajesh Bhat, Anup Naik and Santosh Rao of Zeliot, ReadyAssist’s Vimal Singh, and Srinivas Majji, among others, Cedar-IBSi said in a statement.
Founded in 2022 by Satish Grampurohit and Girish Kerodi, Cogniquest has developed a context-aware AI platform that captures key data points and generates actionable insights from documents and information repositories. The startup claims its technology offers 200X faster document processing and has already attracted major clients such as IT giants Infosys and Tech Mahindra.
Cogniquest cofounder and chief business officer (CBO) Girish Kerodi told Inc42 that the fresh capital will be used to further scale up technology development, expand use cases, and “build a strong team.” He added that the investment from Cedar-IBSi will help leverage the VC firm’s expertise to build “deep-domain vertical” solutions catering to finance and banking sectors. However, Kerodi did not disclose the funding amount or the post-money valuation of the startup.
Commenting on the fundraise, Cogniquest cofounder and CEO Satish Grampurohit said, “Securing seed funding from Cedar-IBSi Capital and esteemed angel investors marks a significant milestone in our journey. Fuelled by enthusiastic responses from clients and partners, we are excited about the opportunity to build a globally renowned enterprise tech SaaS platform from India.”
The investment comes within months of Cedar-IBSI marking the first close of its INR 240 Cr fintech fund in March this year by raising capital in the range of INR 50 to 75 Cr. It plans to invest INR 10-15 Cr each in 15 early-stage fintech startups in the B2B fintech and banktech space. “We are excited to partner with Cogniquest, which is building a disruptive AI-enabled platform to extract relevant, refined, classified, and validated data from complex and unstructured documents. All of this is guided by the able leadership of Satish, Girish, and their diverse team,” said Cedar-IBSi associate partner Subit Saurav.
This development comes at a time when AI mania has gripped the Indian startup ecosystem. From customer service to fintech, the emerging technology has found use cases across the board, resulting in renewed investor interest.
Last month, Inc42 reported that GenAI startup Gnani.ai raised $4 Mn as part of a Series A round from Info Edge. Prior to that, IIFL Fintech Fund invested an undisclosed amount of funding to pick up a 10% stake in Gen AI startup Vitra.ai. Additionally, AI sales development platform Pintel.ai also bagged $1 Mn as part of its seed funding round led by IvyCap Ventures.
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