Cognaize Raises $18M for Finance Sector’s Improved LLM, Integrating Human Expertise

Cognaize has secured $18 million in funding to further develop its platform and services for the finance sector. The New York-based startup combines artificial intelligence (AI) with human expertise to process unstructured data in financial applications. Currently, much of the work done in the finance industry with AI focuses on structured data. However, Cognaize aims to tap into the vast potential of unstructured data that remains largely untapped. The company has built a platform that harnesses deep learning trained on financial models and diverse documents, covering areas such as loan applications, SEC filings, and trustee reports. Cognaize’s technology is designed to assist human financial analysts in refining the data and making informed decisions. The funding will be used to hire new talent, invest in research, drive product development, and expand business operations. Cognaize already boasts major customers including top credit ratings agencies, insurance companies, and financial services firms. The company seeks to complement rather than replace human involvement, recognizing that while AI can accomplish certain tasks, it cannot entirely replace human judgment. With the significant amount of unstructured financial data available, Cognaize aims to help financial institutions better understand their services, the market, and their clients by utilizing both AI and human expertise. The startup’s approach reflects a growing trend of specialized AI players focusing on specific industries and use cases—developing deep rather than wide solutions—to better meet customer needs. The funding round was led by Argonautic Ventures, with participation from Metaplanet and other undisclosed investors. The exact valuation of Cognaize remains undisclosed, but it is confirmed to be in the range of hundreds of millions. The investors believe in the transformative potential of AI and large language models (LLMs) in finance, and they are confident in the ability of Cognaize’s platform to process vast amounts of unstructured financial data and extract valuable insights, ultimately facilitating improved decision-making, risk assessment, and trend identification.