Cloudsquid Funding News – Berlin-based Cloudsquid secures over €900K

Cloudsquid, which was founded in 2023, offers a platform for creating unstructured data pipelines, freeing up technical teams to focus on product functionality instead of data integration. With experience from firms like Taktile, Uber, AWS, and Kubermatic, co-founders Filip Rejmus, Sangwoo Bae, and Mike McCarthy are united in their mission to unleash the potential of unstructured data for a variety of industries.

More than 80% of enterprise data is still in unstructured formats, such as emails, documents, CSV files, and photos. This presents problems for companies that require effective data management solutions. By converting these unstructured files into structured data, Cloudsquid's API makes it possible to integrate with downstream systems like databases, ERPs, and CRMs. With this approach, technical teams will be able to concentrate on other duties by reducing the requirement for manual data processing.

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Mike McCarthy, Cloudsquid Co-founder and CEO, said: “Working closely with these organizations has been eye-opening. Whole teams of people are spending the majority of their workday transferring fields from PDFs into back-office systems. It’s a huge waste of potential amid Europe’s skilled labor shortage. AI can solve these legacy bottlenecks quickly, and we are able to help these companies skip a few steps forward on the digitization journey immediately.”

Cloudsquid’s co-founders Sangwoo Bae and Filip Rejmus take a broader approach, focusing on addressing data challenges at the infrastructure level. “We spoke with many product teams working to build similar AI functionalities in-house and found they often faced critical last-mile challenges with accuracy and reliability that stopped them from going into production,” Sangwoo explained. “Creating an AI pipeline from scratch that processes complex documents at scale, designing interfaces to refine and test prompts, and implementing essential features like observability, is an impractical undertaking that’s leading to months of wasted effort and failed projects.”

Cloudsquid, which currently serves a variety of clients ranging from startups to well-established corporations, plans to use the additional financing to grow its technical team and improve its platform. By the end of 2024, the firm intends to launch a Freemium plan and a General Availability release in an effort to make its platform available to a larger audience.

Björn Sykora, Principal at HTGF, said: “Cloudsquid is transforming how companies deal with their unstructured data, bringing much-needed ease of accessibility to all kinds of industries. Mike, Filip, and Sangwoo are an outstanding team, and we are excited to support them on their mission.”

About Cloudsquid

CloudSquid allows Data and Ops teams to build realtime pipelines between documents and applications in minutes. Deploy AI agents to extract and transform your unstructured data. Cloudsquid works on PDFs, Images, and other text files at 99%+ accuracy.