Austin’s CognitiveScale, developer of cloud-based machine intelligence software, announced a $21.8 million Series B round of financing today. The new infusion of capital came from Norwest Venture Partners and Intel Capital to increase global sales and expedite development of its product portfolio.
“Our cognitive cloud software pairs man and machine so they can achieve something new and exponentially valuable together: intelligent user engagement and business processes that get smarter and more useful with time,” said Manoj Saxena, Executive Chairman of CognitiveScale, in a statement. “The funding will accelerate our mission to bring scalable, practical AI enterprise.”
With the new funding CognitiveScale also plans to scale up their operations by expanding sales, enhancing their brand, and strengthening their products with an emphasis on specific industries where their products make the most impact. The team plans to staff key positions in the US, UK and India in product management, sales, marketing, client delivery, and engineering.
"We're a group of passionate people who believe in our product and like to have fun while we work. If this sounds like you, we are hiring and would love to have you on our team," said Cynthia Rondini, Director of Operations at CognitiveScale.
After an 18-month stealth period ending in November 2014, CognitiveScale has since issued over 60 patents for its Deep Cognition Engine and has developed two industry-specific AI products called ENGAGE (transforms customer experience through any digital touchpoint while learning continuously) and AMPLIFY (provides contextual insights and deploys self-learning processes modeled after human cognitive architecture).
Headquartered in Austin, CognitiveScale has offices in UK and India and partnerships with IBM (where founder and CTO Matt Sanchez came from after founding IBM Watson Labs) and Deloitte.
Image provided by CognitiveScale.