Can you predict when your customers’ systems will fail or get hacked?
At least one company think so, and investors are piling in. SparkCognition, a global leader in artificial intelligence (AI) software solutions for business, announced the close of its $123 million Series D funding round this week.
. Following this round, the company achieved a “unicorn” valuation in excess of $1.4 billion, bringing the total capital raised to $300 million. Proceeds from this round will accelerate sales and marketing efforts, amplify research and development investments, and facilitate organic and inorganic growth. It also serves to underpin the financial wherewithal of the business.
The round was represented by new and existing investors, including March Capital, Doha Venture Capital, B. Riley Venture Capital, AEI Horizon X, Temasek, Alan Howard, and Peter Löscher. The investment brings is the latest validation of the value SparkCognition brings to customers across global industries, including oil and gas, renewables, manufacturing, financial services, transportation, and government.
“Our AI solutions address core infrastructure challenges, including asset optimization, preventing zero-day cyberattacks, 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 patented portfolio, and accelerate the diversity of problems we solve for customers, maximizing their return on investment.”
Since its inception in 2013, SparkCognition has been committed to the commercialization of AI and its practical application in the physical world. The AI market is expected to reach $360 billion by 2028, with a CAGR of 33%. Still early in its evolution, AI is redefining the way businesses can succeed and grow, allowing them to analyze, optimize, and learn from data to make informed 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.
This financing round follows a record year of growth for SparkCognition, with revenue accelerating 90% year over year, booking increasing 5X, and the company’s IP portfolio expanding by 75%. The company completed three acquisitions in 2021, further expanding into the financial services, maritime, and renewable energy markets, and adding computational knowledge graph capabilities to its portfolio. SparkCognition also opened its HyperWerxTM facility, a first-of-its-kind 50-acre proving ground showcasing AI at work, from IoT and robotics to autonomous drones and Industry 4.0.
“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.”