AUSTIN, Texas, June 26, 2017 /PRNewswire/
-- SparkCognition, one of the world's fastest growing
artificial intelligence companies, today announced the close
of an initial $32.5 million series B
funding round. The investment is led by Verizon 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 at 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 #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, 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, Boeing chief technology officer and
senior vice president, Engineering, Test & Technology.
"Security continues to be a burning need for customers, and
continued breaches and hacks reiterate the inefficacy of current
market offerings," continued Doradla. "SparkCognition's
demonstrated cognitive security platform brings a game changing
narrative to the equation in this fast moving and emerging
field."
"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 of 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'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.
About SparkCognition
SparkCognition
is a global leader in cognitive computing analytics. A highly
awarded company recognized for cutting-edge technology,
SparkCognition develops AI-Powered asset-protection software for
the safety, security, and reliability of IT, OT, and the
IIoT. The company's technology is capable of harnessing real
time sensor data and learning from it continuously, allowing for
more accurate risk mitigation and prevention policies to intervene
and avert disasters. In just three years
since launching its first
solution, the company has acquired dozens of Fortune 1000 to
Fortune 100 clients. For more information on the
company, its technology, and team, please visit
www.sparkcognition.com.
About Verizon Ventures
Verizon Ventures is the
corporate venture capital unit of Verizon Communications Inc.
(NYSE, Nasdaq: VZ) and invests in promising entrepreneurial
companies that are tackling some of today's
biggest technology challenges. With a collaborative
approach to commercialization, Verizon Ventures is focused on
helping companies connect with both financial resources and
strategic business functions necessary to deliver successful
outcomes. Verizon Ventures partners with companies to help them
scale to impact society and pioneer new markets. Over the last
decade, Verizon Ventures has invested in more
than 50 companies covering a range of industries and
technologies. For more information,
visit www.verizonventures.com
About Boeing HorizonX
By leveraging the power of the
world's largest aerospace company, Boeing HorizonX applies its
momentum to new business ventures to unlock the next generation of
game-changing ideas, products, and markets. From investment capital
to technology commercialization and market access, HorizonX turns
new ideas and businesses into reality.
For Media Inquiries:
Julie
Frey
sparkcognition@shiftcomm.com
512-792-2550
John
King
SparkCognition
jking@sparkcognition.com
512-956-5491
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SOURCE SparkCognition