GLENDALE, Calif., Jan. 28, 2020 /PRNewswire/ -- Nirveda Cognition, a Cerracap Ventures incubated, artificial intelligence company building an enterprise document intelligence and analytics platform, announced that it has secured an investment from Mexico Ventures II Direct Fund, L.P. Mexico Ventures is a fund created to invest in leading innovation and entrepreneurial capital funds and direct co-investment opportunities within Mexico or with strong ties to Mexico. It is co-managed by Fondo de Fondos based in Mexico City and Sun Mountain Capital headquartered in Santa Fe, NM. The new funding will be used to expand Nirveda Cognition's engineering, product development, and sales teams to meet the demands of a growing global customer base.
As artificial intelligence becomes an increasingly integral part of how organizations operate and make decisions, Nirveda Cognition is focused on delivering the power of AI without the associated implementation complexity. Leading organizations across the world are adopting the company's document intelligence and analytics platform to make faster, smarter, and more informed decisions to aid revenue growth, cost reduction, quality enhancement, and risk mitigation.
"Nirveda offers a practical implementation path for enterprises that are looking to use AI to take advantage of new opportunities and solve pressing business problems. AI is providing value today, but implementation can often be overly complex and out of the reach of many organizations. Nirveda's platform approach and implementation expertise address this disconnect and bring practical AI within reach for most organizations," said Lee Rand, Partner at Sun Mountain Capital.
According to Mani Veluthakkal, CEO of Nirveda Cognition, this funding will be used to support the company's global expansion of its sales and operations, product development, and technology roadmap. "We are very pleased to have Mexico Ventures' support as Nirveda Cognition continues to reshape the future of work by making the power of artificial intelligence accessible to every application, every business process, and every employee at organizations across the world."
About Nirveda Cognition
Founded in 2017, Nirveda Cognition is an artificial intelligence company developing an enterprise document intelligence and analytics platform to enable organizations to make data-driven decisions, faster and smarter. Based in Glendale, CA, Nirveda Cognition is backed by leading early-stage venture investors including Cerracap Ventures and Mexico Ventures. www.nirvedacognition.ai
About Sun Mountain Capital
Sun Mountain Capital Advisors, L.L.C., founded in 2006 and based in Santa Fe, New Mexico, is a diversified private equity investment firm with investment strategies in venture capital, growth capital and private credit. The firm focuses on investing in high potential underserved geographies both in the U.S. and abroad. www.sunmountaincapital.com
About Fondo de Fondos
Fondo de Fondos (FdeF), based in Mexico City, MX specializes in private equity and venture capital investment, was created combining the commitments of four large Mexico based institutions (Nacional Financiera, Focir, Banobras, and Bancomext) whose main goal is to generate attractive risk adjusted returns and support the private equity industry in Mexico. Since then, FdeF has implemented a strategic plan to manage third party resources under international best practices, creating unique databases in the industry and recruiting renowned experts to strengthen its founding team. Currently, FdeF manages commitments of more than US$1.0 billion.
SOURCE CerraCap Ventures