AUSTIN, TX – October 22, 2015 – CognitiveScale®, the Cognitive Cloud Company®, today announced it has more than tripled its revenues, employees, and customer base in the past 12 months. This extraordinary growth is a direct result of the growing market demand for cognitive computing solutions and CognitiveScale’s proven ability to rapidly deploy a new class of industry specific machine intelligence and data interpretation systems that accelerate decision making, enhance customer engagement, and improve employee productivity.
“2015 marked a new milestone in the adoption of enterprise cognitive computing,” said Akshay Sabhikhi, CEO, CognitiveScale. “The strong demand is being driven by initial client successes with cognitive computing and the increasing recognition of the exponential business performance that can be enabled by becoming a cognitive business – a business that actively discovers, learns and acts from new data, business signals, and user interactions.”
Strong Sales Growth and Client Wins
Over the past year, CognitiveScale continued its trend of rapid growth in every measure, from number of clients won to products released and revenue generated through direct and partner channels. The company significantly improved its year-over-year financial performance and tripled revenues and plans to review its progress and discuss plans for growth on Friday October 23rd at its first annual user conference, “Cognite2015.”
“We are seeing accelerating demand for industry and domain optimized cognitive solutions,” said Nij Chawla, general manager, Market Development, CognitiveScale. “Our strong sales and account expansion this past 12 months with leading brands world wide are a reflection of the value we are creating for our clients by delivering deep industry applications in weeks and not months or years.”
Product and Technology Investments
CognitiveScale will also announce major product releases and upgrades to its four Cognitive Cloud Suites and its Cognitive Cloud Fabric platform tomorrow during its User Conference in Austin, Texas. These are supported by the filing of over 50 patents covering core technologies such as Cognitive agents, Cognitive graphs, Cognitive personalization, and domain optimized learning models. In addition, the company made strong investments and progress with its adoption of IBM Watson and has integrated and deployed its products with IBM Watson APIs and IBM BlueMix.
“Over the last year we made significant technical progress in our mission to build the leading cognitive business platform that powers entire industries and processes,” said Matt Sanchez, CTO and founder, CognitiveScale. “We will continue to invest aggressively in our ambitious product development plans as well as in the growth of our cognitive computing ecosystem through partnerships with leading content, technology, and systems integration companies.”
New Investments, International Expansion
To support its rapid growth, the company raised two new rounds of funding in the past 12 months and expanded facilities globally. Recently it expanded its Austin headquarters to more than 23,000 square feet, upgraded its facilities in Hyderabad, India, and has opened new offices in the UK.
“We are seeing strong client interest in industry specific cognitive computing solutions globally,” said Pankaj Vaish, general manager and managing director, Global Solutions Delivery. “Over the next year we have aggressive plans to expand our sales presence and scale delivery operations in US, India and UK to serve our customers in US, Europe and Asia.”
Skills and Partner Development
Earlier in May 2015, CognitiveScale announced the launch of CognitiveU, a comprehensive training facility for systems integrators, enterprise IT professionals, and application developers. Since its launch, more than 150 IT professionals and application developers have gained real-world experience in selling, developing, and supporting industry optimized cognitive applications and business solutions that accelerate business value from cognitive computing.
“Development and implementation services, including training, are at the center of CognitiveScale’s commitment to our customers’ success,” said Darrell Walker, vice president, customer success and enablement, CognitiveScale. “As industry leading businesses embrace cognitive computing to extend their competitive advantage, they are turning to CognitiveScale and its delivery partners such as IBM Global Services, Deloitte, and UST Global for skills and competency development to quickly build and deploy cognitive solutions that transform ideas into actions.”
Awards and Recognition and Citations
CognitiveScale received numerous awards highlighting the company’s strength and leadership position over the past 12 months, including:
Forrester’s “Artificial Intelligence Can Finally Unleash Your Business Applications’ Creativity,” “Digital Insights Are The Real Currency of Business,” and “Top 10 Technology Trends to Watch.” Goldman Sachs’s, “The Real Consequences of Artificial Intelligence.” 451 Research’s Positive Impact Report, “CognitiveScale Looking to Take Cognitive Computing Mainstream,” and Celent’s “Machine Intelligence in Insurance.”
Additionally, CognitiveScale has been recognized in Gartner’s* “Hype Cycle for Human-Machine Interface 2015,” “Hype Cycle for Digital Government, 2015,” “Hype Cycle for Smart Machines,” “Hype Cycle for Digital Workplace,”
“Hype Cycle for Human Capital Management Software,” “Hype Cycle for Emerging Technologies,” “Hype Cycle for Consumer Services and Mobile Applications,” “IT Strategists Must Prepare for the Rise of Virtual Personal Assistants in the Workplace,” and “Automate Data Science With Knowledge Management To Enable the Learning Organization.”
CognitiveScale has also been recognized by CRN Magazine as one of the “Top 10 Coolest Cloud Startups” and a “Top 100 Emerging Vendor,” The Austin Chamber of Commerce named CognitiveScale to its Austin’s A-List of Top Startups while Built In Austin ranked the company in its “Top 50 Startups.” Startup50 also profiled CognitiveScale and KM World magazine listed it in the “100 Companies That Matter in Knowledge Management,” and its “Trend Setting Products of the Year.”
*Gartner, Hype Cycle for Human-Machine Interface, 2015, Werner Goertz, Megan Reinhart, 14 July 2015
*Gartner, Hype Cycle for Digital Government, 2015, Neville Cannon, 14 July 2015
*Gartner, Hype Cycle for Smart Machines, 24 July 2015
*Gartner, Hype Cycle for Digital Workplace, 22 July 2015
*Gartner, Hype Cycle for Human Capital Management Software, 4 August 2015
*Gartner, Hype Cycle for Emerging Technologies, 27 July 2015
*Gartner, Hype Cycle for Consumer Services and Mobile Applications, 21 July 2015
*Gartner, IT Strategists Must Prepare for the Rise of Virtual Personal Assistants in the Workplace, 23 July 2015
*Gartner, Automate Knowledge Management With Data Science to Enable the Learning Organization, Nikos Drakos, 16 September 2015
*Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.