SparkCognition, a fast-growing artificial intelligence company, recently announced the close of an initial $32.5 million series B funding round. The investment was led by Verizon (News - Alert) Ventures with key participation from The Boeing Company, through its Boeing HorizonX unit.
“SparkCognition has pioneered the use of artificial intelligence to bring unparalleled advancements to many of the world's Fortune 1000 companies,” said Vijay Doradla, Director, Verizon Ventures. “We are thrilled to invest in SparkCognition again, and look forward to supporting the company as it continues to transform markets and the businesses of tomorrow.”
Ranked No. 20 in the 2017 CNBC Disruptor 50 list, SparkCognition has established itself as a machine learning technology leader with business-critical solutions in place for customers in energy, oil and gas, manufacturing, finance, aerospace, defense, telecommunications, and security. Led by CEO Amir Husain, Austin's 2016 Top Technology Entrepreneur, SparkCognition is successfully deploying a cognitive, data-driven analytics platform for the safety, security, and reliability of IT, OT, and IIoT environments. The funding will support the company's rapid expansion and customer demand, and enable deeper deployment of its machine learning solutions into oil and gas, utility, manufacturing, financial services, aerospace, and national security sectors.
“SparkCognition is at the forefront of a technological shift in machine learning and artificial intelligence which will revolutionize every aspect of industry. They are leaders in AI, and they are pursuing the types of technologies that are critical to our future products and services,” said Greg Hyslop, CTO and SVP, Engineering, Test & Technology, Boeing (News - Alert).
“Having industry stalwarts, Verizon and Boeing, support our existing investors in funding this new round of growth serves as tremendous validation of our technology and track record. There is massive demand for our category-leading AI solutions,” said Amir Husain, Founder and CEO, SparkCognition. “The world is well on its way to an AI-powered revolution – where cognitive systems will truly augment human capabilities, but at machine speed and big data scale. Our real world deployments and on the ground successes speak to the broad applicability of SparkCognition's AI technology, and the tremendous promise of AI in general.”
Prior to the Series B round, SparkCognition raised more than $16 million from investors such as Michael Dell (News - Alert)'s private equity arm, MSD Capital, The Entrepreneur's Fund, Alameda Ventures, Verizon Ventures, CME Ventures, and Brevan Howard. Several existing investors also participated in this round.