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SparkCognition Closes $56.5 Million Series B Funding
AUSTIN, Tex.–The artificial intelligence (AI) startup SparkCognition released its final Series B Funding numbers with an official close of $56.5 million in 2017. In June 2017, the Austin, Texas-based company announced an initial Series B raise of $32.5 million, led by Verizon Ventures and key participation from The Boeing Company, through its Boeing HorizonX unit.
Additional investors participating in the final Series B close were CME Ventures, Brevan Howard Investment Holdings Limited, Invenergy Future Fund, and Cisco veterans, former CEO and Executive Chairman, John Chambers, and former EVP and Chief Development Officer, Pankaj Patel. One additional investor, an American global financial services company and one of the largest asset management firms in the world, also participated in the round.
"We are grateful for the many successes to date, but SparkCognition is still in the very early phases of realizing its potential as a transformative company," said Amir Husain, founder and CEO of SparkCognition, in a company release. "We are honored to gain numerous industry leading investors and receive support as we rapidly grow to take our place at the forefront of the 'AI 3.0' revolution."
SparkCognition (www.sparkcognition.com), launched in 2014, is deploying advanced machine learning technology to customers in the energy, oil and gas, manufacturing, finance, aerospace, defense, and security industries.
"SparkCognition is building leading technology that is relevant on a global scale," said John Chambers, CEO of purpose-driven VC firm JC2 Ventures and chairman emeritus of Cisco Systems. "I am impressed by the company's vision to lead the 'AI 3.0' revolution and believe SparkCognition's potential for future growth is astronomical. I am looking forward to working closely with them as a partner and mentor of digital innovation."
The Invenergy Future Fund seeks to invest in industry-leading technology companies that are making the energy and industrial verticals more affordable, reliable, and secure.
"SparkCognition brings tremendous value to power and industrial operators through the company's SparkPredict machine learning diagnostics technology," said Amy Francetic, managing director of the Invenergy Future Fund, in the release. "The Invenergy Future Fund is proud that Invenergy and other forward-leaning members of our network are now piloting the technology on nearly 1,100 turbines across the United States."
The Invenergy Future Fund and the undisclosed investor spearheaded the final round of the Series B raise.
In 2017, SparkCognition ranked 20th on the CNBC Disruptor 50 list and was named the fastest-growing company in Central Texas by Austin Business Journal for holding the highest compounded annual growth rate since 2014. The company's funding achievement is another signal that it "continues to lead the industry in AI innovation and impact," the company said in the release.
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