SparkCognition just closed a huge new round of funding. On Tuesday, the company announced that it raised a $100 million Series C.
This brings the company’s total funding to $175 million since it began in 2013. SparkCognition said that this new round makes it “one of the most valuable startups in Texas and one of the most valuable AI startups in the United States.”
The company’s valuation is over $725 million, according to Pitchbook.
This latest funding round, and the company’s valuation, is a testament to the value of artificial intelligence.
SparkCognition builds AI technology for industrial applications, in sectors like oil and gas, utilities, defense, aviation and financial services. For example, SparkCognition has partnered with the Boeing Company to create SkyGrid, a project that will manage and direct autonomous aircrafts to transport cargo and passengers.
Boeing is also an investor in SparkCognition, through its Boeing HorizonX Ventures branch. The company recently participated in SparkCognition’s Series C.
“SparkCognition’s cutting-edge technology has enabled it to solve some of the toughest problems in the world,” Brian Schettler, Managing Director at Boeing HorizonX Ventures, said in a statement. “The company has seen incredible growth, and we at HorizonX are happy to continue our support of SparkCognition’s mission.”
The Series C funding will help SparkCognition expand its business across the globe, acquire more customers and build on its AI technology.
In addition to developing its own AI, SparkCognition wants to promote the growth of AI as a field. It hosts an annual tech summit, Time Machine, where people from various industries come together to talk about AI advancements. The company will host Time Machine in Austin on November 13 and 14.