SparkCognition, an Austin based AI/ML company, has raised USD 123 million in Series D funding. The firm has achieved unicorn status and is currently valued at more than USD 1.4 billion.
“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 patent portfolio, and accelerate the diversity of problems we solve for customers, maximizing their return on investment.”
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.
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The company intends to use the fresh capital to accelerate sales and marketing efforts, improve research and development investments, and expand the range of AI solutions. SparkCognition also has plans to hire 150 employees this year.
Sparkcognition completed three acquisitions in 2021 and diversified into financial services, maritime, and renewable energy markets. The company focuses on commercialisation 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%.