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/