Gini, a Munich-based startup which created a semantic document analysis solution, just closed its Series A round led by the Commerzbank subsidiary main incubator. In this round, all existing investors including T-Venture and CHECK24 were involved.
Founded in 2011, Gini is a B2B software startup that offers semantic document analysis for mainly corporate customers. Even unstructured documents such as scans or photos of invoices, receipts or contracts are analysed real-time as inherent data is extracted. With its automated self-optimization each analysed document increases the level of artificial intelligence. Gini’s technology can easily be implemented into existing software programs via an API. A showcase app for iOS is Gini Pay. Paper invoices can be scanned with an iPhone and be remitted directly – mobile without any data entry, especially without the up to 34 alphanumeric character long IBAN. Right now, Gini’s document analysis solution is available in German and English. The young company employs 20 people so far.
Steffen Reitz, CEO and co-founder of Gini, said: “This strategic investment is a real leverage and an endorsement of our products. Through this deal, we not only get a leading bank as a partner, but access to its customers. This, coupled with the non-exclusivity in the deal helps us develop and launch completely disruptive products for and with the financial industry”.
Christian Hoppe, Founder and Managing Director of main incubator, stated: “Through the strategic investment in Gini, we will cooperate with a young technology provider who is currently a leader in real-time and self-optimizing semantic data analysis and processing. This solution has the potential to make data-based communication in Commerzbank and between the bank and its customers faster and more efficient”.
This is the second strategic investment since the launch of main incubator in March 2014. main incubator invests in startups with innovative technology based products and services if their solutions add value to the customers of Commerzbank or the bank itself.