CognitiveScale Crosses $50 Million in Venture Funding
Additional $15M investment from Norwest Venture Partners, Intel Capital, Microsoft Ventures, The Westly Group and USAA to accelerate industry-specific augmented intelligence solutions
CognitiveScale, a provider of industry-specific machine intelligence software, today announced it has received an additional $15 million in funding, bringing the company’s total to $50 million raised to-date. This latest investment from Norwest Venture Partners, Intel Capital, Microsoft Ventures, The Westly Group and USAA, allows CognitiveScale to further develop its augmented intelligence products to deliver better business outcomes and customer engagement for leading global enterprises.
“We are excited about the future AI-enabled enterprise, and believe no other company is better equipped to bring it to fruition than CognitiveScale,” said Promod Haque, Senior Manager Partner, Norwest Venture Partners. “We’ve seen how CognitiveScale’s unique, industry-tailored AI software can create value more quickly by transforming customer engagement and augmenting employee decision making, allowing enterprises to perform at levels they never thought possible.”
As artificial intelligence evolves, becoming a bigger part of businesses’ and consumers’ daily decision-making, the fear that machines will displace much of today’s workforce has become more pronounced. CognitiveScale believes the real power and value of AI is not just automation of routine processes but in extending and enhancing human decision making and creative potential.
According to a December 2016 report from the White House Council of Economic Advisers (CEA), augmented intelligence has the potential to create new jobs in fields that require creativity, social interactions and intelligence and general knowledge. In addition, a study from Accenture projects that AI will increase labor productivity by up to 40 percent and double annual economic growth rates by 2035 by changing the nature of work and creating a new relationship between man and machine.
“This round of funding demonstrates continued confidence in our strategy to help businesses augment and extend human creativity and capabilities,” said CEO of CognitiveScale Akshay Sabhikhi. “We have delivered real and measurable outcomes with some of the largest banks, healthcare and retail organizations, and are delighted to see the great client and investor demand for our enterprise AI products.”
CognitiveScale will use the recent funding to further advance the state of its two flagship products, ENGAGE and AMPLIFY, which are built on its open and extensible Cortex OS. ENGAGE focuses on transforming customer experience at the edge of the business through any digital touch point. It interprets user goals, preferences, and context and delivers individualized insights by reasoning across billions of curated industry data points while learning continuously. While ENGAGE works at the edge, AMPLIFY works at the core of an organization, helping augment knowledge workers with contextual insights and deploy self-learning autonomous processes modeled after human cognitive architecture. Both products learn from new data and customer interactions, and deliver future insights and advice that account for dynamic changes in goals, preferences, and the business environment.
In a separate press release today, CognitiveScale announced that in addition to USAA’s recent investment, the financial services leader is also implementing CognitiveScale’s augmented intelligence solution so that USAA advisors can provide their more than 12 million members predictive, data-driven banking and insurance services.
To learn more about CognitiveScale’s underlying technology, which is backed by more than 100 patents covering deep cognition algorithms, computer vision, machine learning and cognitive system design, please see https://www.cognitivescale.com/technology/.