CognitiveScale Nets $25 Million in Series B Funding
Roughly two years since it emerged from stealth mode, AI startup CognitiveScale was profiled by the Wall Street Journal in an exclusive story about the firm’s Series B funding and major technology partnerships.
CognitiveScale had announced the completion of a $21.8 million round of financing by IBM, Intel Capital, and Norwest Venture Partners. A few weeks later, CognitiveScale followed up with the news that Microsoft Ventures had joined as an investor, bringing the total investment to $25 million.
CognitiveScale said it would use the funding to grow global sales and delivery and accelerate development of its AI product portfolio. The news came at a time when organizations of all sizes were transforming themselves for the new digital economy built on cognitive systems of intelligence. As an example of CognitiveScale’s interest in developing innovative new AI applications, the company said that it would collaborate with Microsoft Ventures to develop for consumers and businesses new AI-powered product experiences on Microsoft HoloLens and Microsoft Azure.
As part of the financing, Intel Capital’s Vibhor Rastogi and Norwest’s Promod Haque joined CognitiveScale’s Board of Directors. The investors spoke to the media on CognitiveScale’s behalf. Haque of Norwest commented, “CognitiveScale is reimagining enterprise engagement with machine intelligence and its tailored solutions are serving as the linchpin for engagement and productivity.” A few weeks later Nagraj Kashyap, corporate vice president of Microsoft Ventures, added: “With our investment, we aim to propel the development of new mixed reality experiences enabled by cognitive computing.”
CognitiveScale builds enterprise-scale augmented machine intelligence software for leading healthcare, commerce, and financial services organizations. The company’s products, called Engage and Amplify, help large enterprises transform customer engagement, improve decision-making, and deploy self-learning and self-assuring business processes.
The company’s proprietary technology includes an open augmented intelligence platform that emulates human-like cognitive abilities in software such as memory and sequencing, perception, anticipation, problem-solving, and decision-making. The company has successfully deployed its software at leading companies globally and has delivered business value rapidly. In using its unique 10-10-10 method, it helps businesses model their first cognitive system in 10 hours, customize it using their own data in 10 days, and go live within 10 weeks.