Tokyo and Vietnam-based Artificial Intelligence startup Cinnamon has raised US$15 million for series B with Japan’s Venture Capital Funds of SBI Investment and SPARX Group as the main investors and for debt finance by Sumitomo Mitsui Banking Corp., said the company in a statement.
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Additionally, Flax Scanner is said to understand contexts and reformats the documents from unstructured business documents and email, said the startup, adding that this could apply to both hand-writing and text data.
By acquiring the investment, Cinnamon is expected to accelerate the growth through the expansion of customer network to the US, while building strong organizations to provide cutting-edge AI technologies and quality customer services in Japan, Vietnam, and Taiwan (China).
“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 US sales team,” said Cinnamon Inc CEO Miku Hirano.
Founded in October 2016, Cinnamon currently employs a group of 60 Vietnamese engineers focusing on developing AI products in Hanoi, Ho Chi Minh City, Da Nang and Da Lat.
The AI startup is expected to expand the group to 200 personnel by the end of 2019 to meet high demands in the next five years, especially in the era of the Fourth Industrial Revolution.
In June 2018, the AI startup had raised US$9 million in equity and debt financing from multiple investors, including SBI Investment, and major Japanese banks.
