Cloudsquid Raises Over €900K in Funding

by Kay Aloha Villamor in November 7th, 2024

Cloudsquid, a Berlin, Germany-based AI-powered data extraction platform, has raised over €900,000 in pre-seed funding. 

Investors 

The round was led by High-Tech Gründerfonds (HTGF) and Backbone Ventures, with additional backing from angel investors Reetu Kainulainen and Udi Miron. 

HTGF is an early-stage investor in Germany and Europe, focusing on sectors like deep tech, industrial tech, climate tech, and life sciences. With over €2 billion under management, HTGF supports startups from pre-seed to later-stage funding. Since 2005, it has backed over 750 startups and successfully exited more than 180. 

Backbone Ventures is an early-stage VC firm based in Zurich and Frankfurt, founded in 2018. Initially investing on a deal-by-deal basis, the firm has backed 26 teams across Switzerland, Germany, the US, and Israel. Since 2022, it has focused on its €20M Backbone Ventures 5502 Fund, concentrating on pre-seed investments in Germany and Switzerland. 

Cloudsquid Use of Funds 

The funding will help expand the team and advance its platform, which aims to reduce manual data processing and accelerate digitization. Cloudsquid plans to launch a General Availability release and a freemium plan by the end of 2024. 

About Cloudsquid 

Founded in 2023 by Filip Rejmus, Sangwoo Bae, and Mike McCarthy, Cloudsquid specializes in AI-powered data extraction and integration, primarily focusing on transforming unstructured data into structured formats. The platform helps businesses automate the process of extracting information from complex, unstructured documents like PDFs, emails, images, and CSV files, enabling easier integration with systems like CRMs, ERPs, and databases. 

Funding Details 

Company: Cloudsquid GmbH 

Raised: €900K+ 

Round: Pre-seed 

Funding Date: November 2024 

Lead Investors: High-Tech Gründerfonds, Backbone Ventures 

Additional Investors: Reetu Kainulainen, Udi Miron 

Company Website: https://cloudsquid.io/  

Software Category: AI Data Extraction and Integration 

Source: https://www.eu-startups.com/2024/11/berlin-based-cloudsquid-secures-over-e900k-to-address-document-processing-challenges-in-europe/ 

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