WE ARE HIRING
With a 1M Euro in equity, Deep Neuron Lab is now in an ideal position to expand its technology and bring machine learning into the processes of every bank, insurance company and rating agency. The round is funded by Cannonball®, an owner-managed investment office whose partners and advisory board members are experienced entrepreneurs and investment experts. In addition to Cannonball®, business angels from the banking and finance industry have already invested in Deep Neuron Lab in 2020.
"This funding round, especially during the Corona pandemic, is a strong sign of confidence. We can use the capital to expand our team and put even more energy into further developing our technology. Through our machine-learning based evaluation of
financial reports, we can already significantly reduce processing times in the application process for corporate loans. In particular, peak loads such as the "run on promotional loans" in 2020 can thus be better managed. Corporate clients benefit from faster access to liquidity. Cannonball®'s network will help us to increase our reach and we are happy to have them on board as a partner. Together, we are also pursuing the goal of developing Deep Neuron Lab into the leading European provider of financial data," says Andreas Schindler, Deep Neuron Lab CEO and Co-Founder.
"We are very proud of the performance and passion shown by our team during this special year of 2020 - we could not have reached this milestone without them," says Iason Georgakopoulos, CPO and Co-Founder of Deep Neuron Lab.
Dominik F. Hesse, Managing Partner of Cannonball, said: "The investment in Deep Neuron Lab is a fantastic opportunity for us! It is also an investment in the two founders, whom we have come to respect and appreciate very much. Their focus on building a sustainable and profitable business model in a very attractive FinTech niche with a strong client list is impressive and the achievements admirable. We believe we can add value to the team by leveraging our network, knowledge and experience in supporting growth companies. Although we don't typically do seed transactions, Andreas and Iason's exceptional track record made this an opportunity we didn't want to miss."
About Deep Neuron Lab:
The start-up Deep Neuron Lab, which was founded in 2019 as a spin-off from the TU Berlin, uses machine learning to automatically analyse financial reports from companies. The solutions are particularly interesting for banks, which often have to manually analyse hundreds of pages of reports when granting loans. Deep Neuron Lab's Balance Reader intelligently searches for all required information and provides it in a structured manner and in the desired format.
About Cannonball®:
Cannonball® is a direct investment focused investment office whose partners and advisory board members are experienced entrepreneurs and investment professionals. Since 2010, Cannonball has been making PE and VC investments across a range of industries. Active engagement, management team support and long-term value creation are the key investment drivers. Cannonball is supported by private and institutional capital.
Press contact Deep Neuron Lab:
Andreas Schindler
Phone: +49 176 61529551
Email: andreas@dnlab.de
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