Project Cosimo raised SEK 3M to launch its SAAS AI-based solutions for optimizing back end processes.

Project Cosimo, a Stockholm, Sweden-based startup working to provide business solutions using artificial intelligence that would improve corporate processes, announced the securing of SEK 3M ($360k) in outside funding.

The money comes from backers including the local angel investors Emilio Dauvin, Alexandra Lövgren and Mikael Lövgren, at a pre-money valuation of SEK 70M ($8.5M).

Project Cosimo, founded in 2016 by Mihai Gherman and Henrik Karlsson, develops and deploys scalable applied AI solutions for corporations that provide automation of the back-office with a low implementation overhead. The product is aimed for clients providing banking services and is expected to be launched in 2018.