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Tuesday, June 13, 2017

CognitiveScale Crosses $50 Million in Funding; USAA Joins as an Investor and Customer

Today, we announced that CognitiveScale has crossed $50 million in funding to-date, reflecting market confidence in our vision to deliver better business outcomes and customer engagement through augmented intelligence products.

The most recent investment round added $15 million from Norwest Venture partners, Intel Capital, Microsoft Ventures, The Westly Group and USAA, bringing us past the $50 million mark. In addition to USAA’s recent investment, we are also announcing that USAA is using our Financial Services Cloud to drive client loyalty, transparency, and conversion while enabling financial advisors to serve up to 10 times more clients.

Working with USAA is a tremendous opportunity for us. They are well known for their legendary commitment to members, and CognitiveScale providing the augmented intelligence solution that will help further enable that commitment strongly supports our own desire to use AI to help businesses augment and extend human creativity and capabilities.

As AI evolves and becomes a bigger part of business and consumer decision-making, there is a growing fear that machines will soon displace or replace humans in today’s workforce. While many AI technologies today are what we refer to as “anatomic AI” – the mouth, nose, ears, arms and legs of artificial intelligence – CognitiveScale delivers the brain of AI that augments and extends human expertise. Augmented intelligence is an outgrowth of AI that pairs man and machine to deliver the right advice at the right time, across any contact point.

So, while the fear of machines replacing humans makes for good science fiction, the pairing of man and machine is proving to be a compelling enterprise strategy. Some of the world’s largest global brands, now including USAA, are using machine intelligence-powered software from CognitiveScale to find the hidden value within data and business signals, and use this knowledge to transform user engagement while boosting productivity through augmenting employee expertise and process intelligence. And more than just a competitive advantage, augmented intelligence has the potential to create new jobs in fields that require creativity, social interactions and intelligence and general knowledge.

We’re excited about today’s news, and I want to add a special note of thanks to all our employees, clients and investors who have helped us reach this important milestone and who will be equally crucial to our journey ahead. We’d like you to join the AI conversation and tell us what you think about today’s news. Comment here or visit us on Facebook and Twitter.

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