Munich-based venture capital firm Senovo is investing in the Vienna-based AI startup Anyline. Together with existing investors, the investors are injecting two million euros into the company.
Anyline develops text recognition software. The company's optical character recognition (OCR) technology is designed to read documents and objects in real time, even under adverse conditions. The Vienna-based company's 150 business customers include companies such as Canon, Porsche, Swisscom, and Thomas Cook Airlines.
“We saw the opportunity to invest in an impressive team, a cutting-edge technology and a growth market,”
says Frederick von Mallinckrodt, Managing Director at Senovo.
"Whether it's industrial cameras, drones, smartphones, or IoT, the demand and application possibilities for scanning technology are growing rapidly. We are therefore pleased to support Anyline, as an OCR pioneer, in its expansion."
“We are delighted to have found a VC partner in Senovo”
Last year, the Viennese company tripled its revenue for the third year in a row, reaching a seven-figure figure in 2018. Anyline CEO Lukas Kinigadner says:
"Due to the enormous potential, we are working toward even greater growth financing. We are therefore delighted to have found a VC partner in Senovo."
In addition to the Munich VC, existing investors also participated in the investment round.
