SparkCognition, a global leader in artificial intelligence software solutions for businesses, was closed a $123m Series A funding round.
March Capital, Doha Venture Capital and B. Riley Venture Capital were the backers. The company’s unicorn valuation was over $1.4 billion. This brought the total capital raised up to $300 million.
The company plans to use the funds for sales and marketing, research and development investment expansion, and organic and inorganic growth.
SparkCognition’s founder and CEO Amir Husain provides AI solutions to help organizations predict future outcomes, improve processes and protect themselves from cyberattacks. SparkCognition partners with industry leaders to analyze and optimize data, learn from it, enhance human intelligence, drive profitable growth and achieve operational excellence. The company’s patented AI, machine learning, and natural language technologies enable organizations to solve critical problems. They can prevent unexpected downtime, maximize asset performance and optimize prices while ensuring worker safety.
This investment confirms the latest value SparkCognition offers to customers in global industries such as oil and gas, renewables and manufacturing. It also provides financial services and transportation.