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Catalyzing successful US market entry as a leading AI-based document processing platform

PE/VC investor
Cogito Capital Partners
Investment period




Revenues growth

YoYH1 2022

Applica is a world-leading provider of an AI-based platform that processes unstructured data and extracts information from business documents. Their "intelligent document processing" platform is used by large enterprise clients in Europe and the US, primarily in banking, insurance, and healthcare. It automates key business processes involving unstructured and semi-structured documents using sophisticated Deep Learning and Natural Language Processing methods, and proprietary technology to comprehend information regardless of document format, content or language. Cogito Capital Partners led the Series-A investment round in 2019, along with Barclays as a syndicate investor, and made a follow-on investment in 2021. In Q3 2022, Applica was acquired by Snowflake (NYSE: SNOW), a global leader in cloud computing and data analytics services. Applica's AI document processing solution will be integrated into Snowflake's data cloud platform, serving over 6,000 global clients. Cogito Fund I achieved an impressive 10.0x MoIC and 148% IRR return on investment in less than 3 years, marking the first successful exit from Cogito Fund I.

Main objectives
of funding

  • Growth capital for execution of the Company’s global expansion strategy
  • Support in the US market entry and business development (building strategic partnerships in the enterprise sector; hiring US sales team, etc.)
  • Capital for further development of the intelligent document processing platform and co-financing of R&D projects 
  • Building the Company’s capacity to raise next funding rounds

What changed in the company after PE/VC investment

  • entered the US market in 2021, securing their first customers. Their own sales team and strategic partnerships were instrumental in this accomplishment. Hiring top sales, marketing, and business development talent, along with strategic advisors, helped establish their US operations efficiently
  • Revenue grew more than 170% YoY in H1 2022
  • US patent was granted for Applica’s key technology
  • Applica’s platform consistently outperformed its peers in intelligent document processing accuracy and automated throughput, e.g. Microsoft, Tencent, Hitachi 
  • Operational, financial management and reporting processes were established to create an effective governance structure. 
  • developed a comprehensive go-to-market strategy encompassing partnerships, target segments, company and product positioning, and market messaging
  • Successful acquisition by Snowflake, a prominent global leader in cloud computing and data analytics services, was made possible through a professionally structured exit process.

ESG related initiatives and accomplishments

Carbon footprint

Applica established an employee program encouraging employees to use public transportation to commute to work and work from home.

Employee satisfaction

The company conducted semi-annual employee satisfaction surveys and had sector leading scores (20% higher than IT sector average).


The Company supported events for disabled children in Warsaw.


The company was transformed from founder-led to a professionally managed organization, including introduction of a supervisory board with external board advisors, introduction of controlling procedures and an annual audit.


The female representation in R&D and product engineering departments increased to 27% and senior management increased to 3 out of 7.

Applica established an employee program encouraging employees to use public transportation to commute to work and work from home. We've been very fortunate with having Cogito as our investor. Their business insights have helped in setting a strategic direction for the company as well as establishing a clear business planning and performance reporting process. The Cogito Team’s help in establishing and growing our North American footprint was invaluable. They were also instrumental in helping us structure and execute the successful exit process.

Piotr Surma

the CEO of