Cogniac raises USD10m in Series B financing
Cogniac, a specialist in enterprise-class AI image and video analysis, has raised USD10 million in Series B financing round led by Autotech Ventures.
The funding will be used to hire key staff, expand sales and marketing, and support the growth of the company.
Cogniac utilises the latest AI technology to build inspection workflows, offering enterprise-class AI-based deep learning solutions that automates visual inspection tasks like classifying, detecting, counting and measuring to human level accuracy and beyond. With a camera agnostic, agile approach to AI and elegant end-to-end architecture, Cogniac simplifies the deployment of AI in enterprise video and image analysis across industries and segments.
Series B investors consist of early stage venture capital firms and private investors including: Autotech Ventures, Vanedge Capital, Wing Venture Capital, Yellowstone Ventures, The George Kaiser Family Foundation/Energy Innovation Capital.
“We are thrilled with our existing and new investors for leading this round and grateful for their support which will enable the business to continue to grow. We’re also grateful for our incredible roster of customers who align with our objective of improving visual inspection. Their partnership has reinforced the value of our mission and encouraged our ambition to provide exceptional service and solutions,” says Chuck Myers, CEO, Cogniac.
"At Autotech Ventures, we are very excited about the industry leading AI-as-a-Service solution developed by Cogniac,” says Alexei Andreev, PhD, Co-founder and Managing Director, Autotech Ventures. “Its extraordinary team succeeded in building the first-of-a-kind ‘AI to choose AI’, automating a broad range of visual inspection tasks previously reserved for humans. Led by veterans of the enterprise software industry, Cognac is uniquely positioned to transform automotive manufacturing, ground transportation, logistics, and a multitude of other industries dependent on visual perception and semantic cognition. Cogniac's AaaS already provides a competitive edge to a growing list of North American customers, notably improving the economics of domestic manufacturing."
Since raising its Series A financing led by Wing Venture Capital and Autotech Ventures in 2019, Cogniac has experienced 78% YoY revenue growth and expanded its customer base to include global leaders in automotive, industrial, rail, packaging, logistics, security and defense.
Vahan Tchakerian, SVP Global Sales at Cogniac, says: “This new infusion of capital will help us support our existing customers as they scale with deployment of new use cases and allow us to reach new Global and North American customers and bring them onboard.”
“With Cogniac as a partner, we are finalising the development of an integrated system that is estimated to greatly improve our operational efficiencies but we’ve also increased quality and improved safety,” says Dave Kurtz, VP Supply Chain, Georgia Pacific. “Our integrated scaling system has Cogniac’s AI and machine learning solution at its core, simplifying processes across our mill operations.”