# Cloudsquid

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/cloudsquid

- Industry: IT Infrastructure
- Headquarters: Berlin, Germany
- Website: www.cloudsquid.io/
- Total disclosed funding: $1.1M
- Latest round: Seed (Aug 7, 2024)
- Investors on record: 2

## About

Based in Berlin, Germany, Cloudsquid GmbH delivers an advanced document automation platform that transforms unstructured files into structured data, enhancing efficiency through intelligent extraction tailored to specific business needs.Cloudsquid GmbH is focused on developing a document automation solution that streamlines data processing for various industries. Founded in 2023, the company is headquartered in Berlin, Germany. It was co-founded by Filip Rejmus, Mike McCarthy, and Sangwoo Bae, with Mike McCarthy serving as the CEO. In August 2024, Cloudsquid raised EUR 1 million in Seed funding led by High-Tech Gründerfonds, with participation from Backbone Ventures, bringing the total amount raised to EUR 1 million and valuing the company at EUR 6.61 million post-money.Cloudsquid offers an advanced document automation platform that transforms messy files into structured data through intelligent extraction tailored to specific business logic. The core functionality revolves around a visual Workflow Builder that enables users to design automated workflows—ranging from simple validations to complex multi-step automations—optimizing the document review process for various sectors such as finance, insurance, compliance, and logistics. The platform accommodates any file type and format, ensuring compatibility with existing systems via integration with over 2,500 webhooks and connectors. Cloudsquid's services target non-technical domain experts as well as operations and engineering teams, facilitating efficient document handling and data extraction, particularly in highly regulated industries that require rigorous document management and compliance. The company markets its solutions primarily in the European Union and North America.Cloudsquid generates revenue through a tiered pricing model that includes individual and team subscriptions, as well as enterprise-level packages. The Individual plan allows users to purchase additional credits at a rate of EUR 0.04 per credit, with a baseline offering of 250 credits per month for document uploads and API access. The Team plan, aimed at small businesses, is priced at EUR 400 per month for up to five users and offers 1,000 credits per month at a lower rate of EUR 0.02 per additional credit. For larger enterprises, a custom subscription is available starting at EUR 800 per month, providing unlimited users and integrations alongside advanced security features. This structured approach allows Cloudsquid to cater to various customer segments, including startups seeking end-to-end document workflows and growth companies with significant automation needs.In August 2024, Cloudsquid GmbH raised EUR 1 million in Seed funding to expand its engineering team and enhance its platform's capabilities, particularly focusing on developing tools that leverage generative AI. The company aims to introduce new product features and explore further market penetration in North America by mid-2025. The recent funding will facilitate these initiatives, supporting the development of innovative solutions tailored to the evolving needs of its customers.

## Funding rounds

- Seed, Aug 7, 2024, $1.1M — High-Tech Gruenderfonds, BackBone Ventures

## Investors

- High-Tech Gruenderfonds (https://capitalatlas.ai/funds/high-tech-gruenderfonds) — Seed
- BackBone Ventures (https://capitalatlas.ai/funds/backbone-ventures) — Seed