THE TEXAS CITY OF AUSTIN SparkCognition, a global pioneer in artificial intelligence (AI) software solutions for businesses, announced today that its $123 million Series D fundraising round is complete. After this round, the company was valued at over $1.4 billion, bringing the total amount raised to $300 million. Sales and marketing activities will be accelerated, research and development spending will be increased, and organic and inorganic growth will be facilitated with the proceeds from this round. It also contributes to the company’s financial stability.
March Capital, Doha Venture Capital, B. Riley Venture Capital, AEI Horizon X, Temasek, Alan Howard, and Peter Löscher were among the new and current investors in the round. SparkCognition’s value to customers across global industries, including oil and gas, renewables, manufacturing, financial services, transportation, and government, has been validated by this investment.
“Our AI solutions address core infrastructure challenges, including asset optimization, preventing zero-day cyber attacks, augmenting skill gaps, and enabling climate change initiatives,” said Amir Husain, Founder and CEO of SparkCognition. “This additional capital will enable us to deepen our subject matter expertise, enhance our patent portfolio, and accelerate the diversity of problems we solve for customers, maximizing their return on investment.”
SparkCognition has been dedicated to the commercialization of AI and its practical application in the physical world since its founding in 2013. With a CAGR of 33%, the AI market is estimated to reach $360 billion by 2028. AI is still in its early stages of development, but it is already changing the way organizations succeed and grow by helping them to analyze, optimize, and learn from data in order to make better decisions.
“SparkCognition has a proven track record of delivering AI at scale, partnering with the world’s industry leaders to drive profitable growth,” said Sumant Mandal, Co-Founder and Managing Director at March Capital Partners. “They are at the front of this AI tsunami—helping businesses address their most critical challenges and enable digital transformation.”
“SparkCognition understands the value of using technology to solve the world’s most critical problems,” said Peter Löscher, former CEO of Siemens. “They have an amazing track record of delivering world-class AI solutions that empower organizations to run a more sustainable, safe, and profitable business.”
SparkCognition had a record year in terms of revenue, bookings, and IP portfolio expansion, with revenue up 90 percent year over year, bookings up 5X, and the company’s IP portfolio up 75 percent. In 2021, the business executed three acquisitions, extending its reach into the financial services, maritime, and renewable energy areas, as well as bolstering its computational knowledge graph capabilities. SparkCognition also debuted its HyperWerxTM facility, a 50-acre proving ground that showcases AI in action across a range of industries, from IoT and robotics to autonomous drones and Industry 4.0.
To learn more about SparkCognition, visit www.sparkcognition.com.