Armenian financial technology startup cognaize has attracted $2 million in investment for its seed round from top-flight venture firms and world-class angel investors.

The recent capital infusion will be deployed to further advance the company’s industry leading Computer Vision and Natural Language Processing capabilities as well as to launch into new markets, the company said in a press release.

Founded in 2018, cognaize is an AI FinTech that helps banks and insurance companies process key information at an unprecedented pace and level of quality.

The lead investors in the series seed are the US-based BAJ Accelerator and Argonautic Ventures, with Metaplanet Holdings (backed by Skype co-founder Jaan Tallinn and early investor in Google DeepMind) and one of the leading VC’s in Armenia Granatus Ventures joining to close out the round.

Notable angels in the round also include Jeff Ingber, former SVP of the U.S. Federal Reserve Bank of New York, and Dr. Armen Kherlopian who serves on the Scientific Advisory Board of NASA-backed TRISH.

The company has been experiencing rapid growth in the U.S. and German markets, with current customers including, among others, Moody’s Analytics and Germany’s second largest insurance company R+V.

The company’s main team consisting of 240 people works from Armenia. It includes Data Analytics professionals, Data Scientists, and Data Architects with increased hiring being made possible by the recent capital infusion and strong traction in the market.

“Our company has now entered the phase of early rapid growth. In order to support more customers and further advance our products, cognaize announces the creation of 50 jobs at attractive conditions, including an employee stock option program,” said Vahe Andonians, Founder and CEO of cognaize.

“cognaize is an AI company specialized in creating actionable intelligence from unstructured documents using Deep Learning. With innolytiq, cognaize has created an unmatched AI platform supporting clients to achieve true automation at unparalleled speed. Additionally, cognaize is offering its clients support to develop bespoke Deep Learning solutions addressing their needs perfectly. Finally, cognaize is offering data as a service, taking over all data extraction needs through using its own platform and model development capabilities.

At cognaize, we approach every business relationship with a firm commitment to earning and retaining the trust of our clients. It is critical to every service we provide. For us, the true benchmarks of success are being there when clients need us most and delivering when challenges are greatest. That is how lasting trust is built,” the company’s press release read.

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