Funding

CognitiveScale raises $50 million to bring in new advancements in its AI products

(c)iStock.com/Steve Debenport

CognitiveScale has announced it has raised an additional $15 million in funding from Norwest Venture Partners, Intel Capital, Microsoft Ventures, The Westly Group and USAA, bringing the company’s total to $50 million.

CognitiveScale will be bringing in further advancements in the state of its two flagship products Engage and Amplify, which are built on its open and extensible Cortex OS.

Engage aims to provide an exceptional customer experience, accessible through any digital touch point, learning continuously about user goals, preferences, and context and provides individualized insights by reasoning across billions of curated industry data points, while working at the edge of the business, while Amplify provides contextual insights to help augment knowledge workers and deploy self-learning autonomous processes designed after human cognitive architecture, working at the core of an organisation.

Promod Haque, senior managing partner at Norwest Venture Partners, said: “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.”

Akshay Sabhikhi, CEO of CognitiveScale, said: “This round of funding demonstrates continued confidence in our strategy to help businesses augment and extend human creativity and capabilities. We have delivered real and measurable outcomes with some of the largest banks, healthcare and retail organisations, and are delighted to see the great client and investor demand for our enterprise AI products.”

CognitiveScale is aiming to not just replace routine processes through automation with help of AI, but also wants to scale up and enhance human-decision making and creative capabilities. The company also announced implementation of its AI solution to enable USAA advisors to provide their more than 12 million members with predictive, data-driven banking and insurance services.

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