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.
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.
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