We are excited to let you know that Applica.AI, Cogito’s portfolio company has signed a definitive agreement to be acquired by Snowflake (NYSE:SNOW). Snowflake is a data cloud US company offering its clients cloud-based data storage and analytics services. It went public in 2019 in one of the most successful tech IPOs in history, raising $3.4B. Applica developed the world-leading AI-based automated platform for intelligent processing of unstructured and structured documents.

This will be the first successful exit from the Cogito Fund I portfolio. It comes just 3 years after Fund’s 1st Closing. Cogito first invested in Applica in October 2019, leading the Series A Round and then led a follow-on round in August 2021.

For more information, please see Snowflake’s announcement of the acquisition which was also discussed on Snowflake’s quarterly earnings call on August 24, 2022.