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2M Euro funding for Deep Neuron Lab

  • Cannonball® invests another 2 million euros in Deep Neuron Lab.
  • Deep Neuron Lab is developing a SaaS platform that includes AI-based financial report processing solutions and provides financial data.
  • Deep Neuron Lab's first product - the Notes Auditor - went live in early 2022 and is being used by leading auditing firms.
  • The additional funding allows for the expansion of the platform's functionality. This enables Deep Neuron Lab to tap into new customer segments within the financial industry and further increase market penetration.

Cannonball®, an owner-managed investment office, has further strengthened its commitment to Deep Neuron Lab (DNL) in its latest financing round. Partners and advisory board members of Cannonball® are experienced entrepreneurs and investment experts. Cannonball® has been DNL's lead investor since the seed round was closed in 2021.

DNL went live with its platform's first product – the Notes Auditor - in early 2022, and renowned auditing firms are already using the Notes Auditor to audit financial reports. The additional funding will enable DNL to further develop and scale the software platform. This will make the solution available to customers such as financial institutions, insurance companies, investors and other financial service providers in the future. The processing and auditing of ESG data and sustainability
reports are a clear focus.

"We are particularly pleased with the closing of our latest financing round, as we can now put even more energy into the further development of our technology. The additional liquidity as well as the support of our investors will help us to make DNL the leading provider for financial report processing. We already support renowned auditing firms with our AI-based software. By expanding our platform, we are offering the opportunity to use AI in the processing and structuring of financial data to a wider range of players in the financial industry. By doing so, we are helping to eliminate operational risks, improve documentation quality and boost efficiency in critical processes. In an increasingly challenging economic environment, we are creating significant value for the financial industry." says Andreas Schindler, DNL CEO and Co-Founder.

"I am very proud of the performance and passion our team has shown over the past 18 months. This has allowed us to develop the first products of our platform to market maturity. Our products work with sensitive data and are used in critical processes. For this reason, we have particularly focused on the security of our platform in recent months. We are now not only able to meet our customers' requirements in this area, but to exceed them." reports Iason Georgakopoulos, CTO and Co-Founder of DNL.

Dominik F. Hesse, Managing Partner of Cannonball®, stated, "We are excited about Deep Neuron Lab’s progress. Their focus on building a sustainable and profitable business model with an impressive customer list is absolutely compelling. Thus, strengthening our commitment as an active shareholder was an obvious choice. We believe that through our contribution we can add value to the team; we provide it with our network, knowledge and experience in supporting growth companies. Although we typically invest at a later stage, Andreas’ and Iason's exceptional track record made this an opportunity we did not want to miss."

About Deep Neuron Lab
DNL, a start-up formed as a spin-off from the Technical University of Berlin in 2019, uses AI to analyse corporate financial, management, and ESG reports on an automated basis. The market entry strategy focuses on auditors. In the future, it will also address financial institutions, insurance companies, investors and other financial service providers which all process large volumes of financial information.

About Cannonball®
Cannonball® is an investment office focused on direct investments whose partners and advisory board members are experienced entrepreneurs and investment experts. Since 2010, Cannonball® has been making PE and VC investments across a range of industries. In doing so, active engagement, management team support and long-term value creation are the key investment drivers. Cannonball® is backed by private and institutional capital.

Deep Neuron Lab press contact:
Andreas Schindler
Tel.: +49 176 61529551
E-mail: andreas@dnlab.de


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