Natif.ai to raise €5 million seed from Redalpine, F-LOG Ventures and existing German investors.

Natif ai, a Saarbrücken, Germany-based SAAS developer of an intelligent document process automation (IDP), raised a seed funding round closed at €5 million ($5.5M).

The money was raised from investors led by Redalpine, a Swiss early-stage investor, joined by F-LOG Ventures, a fund specializing in logistics and existing pre-seed investors 468 Capital, High-Tech Gründerfonds (HTGF) and Premius. The round included contributions from German angel investor Phillipp Rechberg.

Natif.ai, founded in 2019 as a spin-off of the German Research Institute for Artificial Intelligence (DFKI) by Christophe Hocquet, Johannes Korves and Manuel Zapp, developed an OCR (optical character recognition) tool that can be used for scanning and analyzing a wide variety of documents extremely quickly and precisely. The platform already processes millions of documents every month such as letter mail, invoices, receipts, or insurance contracts. In the process, relevant key information is extracted, documents are classified, and various AI-based process steps are performed via complex workflows. Typical customers include banks, insurance companies, law and tax firms, as well as software providers and tech companies.

Natif ai previously raised money from 468 Capital at the end of 2020 and from High-Tech Gründerfonds at the start of 2020.