Cloudsquid Secures USD 1 Million Pre-Seed Financing with Osborne Clarke's Guidance
Deal News | Nov 13, 2024 | Osborne Clarke
Cloudsquid, the Berlin-based AI agent platform, has successfully raised USD 1 million in a pre-seed financing round to fuel expansion and scale efforts. Founded by Filip Rejmus, Sang Woo Bae and Michael McCarthy, the company focuses on transforming unstructured data into structured data and seamlessly integrating it into systems like databases and ERPs. This product is crucial for companies as it eliminates manual data entry, thus saving time and resources during a period of significant skills shortage in Europe. The funding round was led by High-Tech Gründerfonds and Backbone Ventures, with Osborne Clarke providing legal advisory services. The fresh capital will be used primarily to bolster Cloudsquid's engineering team.
Sectors
- Technology, AI and Data Solutions
- Venture Capital
Geography
- Germany – Cloudsquid is based in Berlin, Germany, and their pre-seed financing round was conducted with participants and legal advisors from the region, marking Germany as the locale of interest.
Industry
- Technology, AI and Data Solutions – The article discusses the financing round for Cloudsquid, a company that uses AI technology to transform unstructured data into structured data. This positions it within the technology and AI sector.
- Venture Capital – This article is centered on a pre-seed financing round, which involves venture capital firms like High-Tech Gründerfonds and Backbone Ventures, making the venture capital sector relevant.
Financials
- USD 1 million – The amount raised by Cloudsquid in its pre-seed financing round.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Cloudsquid | Target Company | Company | Cloudsquid is a Berlin-based AI company focused on transforming unstructured data into structured data, facilitating seamless integration into databases and other systems. |
| Osborne Clarke | Legal Advisor | Company | Osborne Clarke is a law firm that provided legal advice to Cloudsquid during their pre-seed financing round. |
| High-Tech Gründerfonds | Investor | Company | High-Tech Gründerfonds led the pre-seed financing round for Cloudsquid. |
| Backbone Ventures | Investor | Company | Backbone Ventures participated in the pre-seed funding round for Cloudsquid. |
| Reetu Kainulainen | Business Angel | Person | Founder of Ultimate AI who participated as a business angel investor in the pre-seed round for Cloudsquid. |
| Udi Miron | Business Angel | Person | VP Product at Ultimate AI who participated as a business angel investor in the pre-seed round for Cloudsquid. |
| Filip Rejmus | Co-Founder | Person | Co-founder of Cloudsquid, a platform focused on data transformation. |
| Sang Woo Bae | Co-Founder | Person | Co-founder of Cloudsquid, a platform focused on data transformation. |
| Michael McCarthy | Co-Founder | Person | Co-founder of Cloudsquid, a platform focused on data transformation. |