Eversheds Sutherland has advised Cogito Capital Partners on investing in London-based Applica.AI ltd, and its subsidiary Applica.AI sp.z.o.o., a software company and a developer of AI-based robotic text automation platform. The Series A funding also included Barclays and Techstars. Applica was advised by Ignition Law.
According to Eversheds Sutherland, “Applica’s customers both in Europe and the US come from the financial services, insurance, legal and media sectors. They use Applica’s platform to extract actionable information from large volumes of unstructured and semi-structured documents such as regulatory financial filings, earnings call transcripts, commercial contracts or court rulings. Applica’s platform is often implemented together with robotic process automation solutions that automate workflow in enterprises.”
“Applica is on a mission to free knowledge workers from repetitive and text-intensive tasks and let them focus on higher-value work,” said Piotr Surma, CEO of Applica. “The success of robotic process automation is a stepping stone for powerful AI-based platforms to automate work that requires human-level scrutiny and comprehension of documents. The financial backing and domain expertise of Cogito and Barclays will help us execute our strategy and strengthen Applica’s presence in the US market.”
Eversheds Sutherland reports that “the undisclosed amount of funding will be used by the company to fuel its further global expansion. The Cogito team will support Applica in building out key go-to-market partnerships, with a particular focus on the US market. Barclays has been an early supporter of Applica through the Barclays Accelerator, powered by Techstars; Applica participated in the 2018 New York cohort.”
“We are excited about Applica’s prospects and impressed with the quality and scalability of the platform they’ve developed,” said Martin Jasinski, Cogito’s General Partner. ”Their ability to extract meaning from unstructured text in large volumes of documents is clearly market-leading, as demonstrated by a number of recent high-value customer wins.”
“During Applica’s participation in the Barclays Accelerator, powered by Techstars, we were impressed by Applica’s ability to build cutting-edge and commercially impactful AI-based tools,” said Kester Keating, Head of US Strategic Investments at Barclays. “Through this Series A funding, we are pleased to support Applica’s further development, and we look forward to working with them as they address the huge market opportunity around RPA with new partnerships and products.”
Eversheds Sutherland’s mixed Birmingham-Warsaw team included Partners Catherine Eley, Michal Karwacki, Senior Associate Natalia Burchardt, Lawyers Kamil Ciodyk, Joanna Polkowska, and Krzysztof Karlowicz, and Associate Charlotte Singh.
Editor's note: After this article was published Ignition Law informed CEE Legal Matters that its team included Partner Alex McPherson, Senior Consultant Helen Gerrard, and Associate Jack Colman.