Osborne Clarke advises Cloudsquid on USD 1 million pre-seed financing round

Osborne Clarke has advised Berlin-based AI agent platform Cloudsquid on its successful USD 1 million pre-seed financing round.

Cloudsquid, founded by Filip Rejmus, Sang Woo Bae and Michael McCarthy, has positioned itself as a leading platform for the extraction and transformation of unstructured data. The AI start-up's central product is a universal API that frees companies from time-consuming paperwork. This is because the majority of data in companies is often only available in unstructured formats, such as documents, emails, CSV files and images. Cloudsquid offers a solution that transforms these files into structured data and integrates them seamlessly into downstream systems such as databases, ERP and CRM. This allows engineering and data teams to completely bypass manual data entry workflows.

“Entire teams spend a large part of their working day transferring fields from PDFs into back-office systems. Given the skills shortage in Europe, this is a huge waste of potential. AI can quickly solve these legacy issues. We can help companies immediately skip a few steps on their digitalisation journey,” says McCarthy.

Now Cloudsquid has closed a successful pre-seed financing round led by High-Tech Gründerfonds (HTGF) and Backbone Ventures, with participation from business angels Reetu Kainulainen, Founder of Ultimate AI, and Udi Miron, VP Product at Ultimate AI. The new capital will be used to expand Cloudsquid's engineering team and scale the core platform. 

The Osborne Clarke team, which advised Cloudsquid under the lead of Giovanni Alexandrov and Partner responsibility of Till-Manuel Saur, was completed by Rouven Siegemund (all Corporate / VC).