Cognecto, a Bengaluru-based startup has secured a significant INR 4 crore funding. The startup recently raised the amount in a seed round led by Inflection Point Ventures (IPV), a renowned investment firm.
The funding will be used for the development of regenerative AI, to provide business and operational insights for the mining and construction sectors. Regenerative AI systems can learn and adapt to new situations, similar to how biological systems regenerate and adapt to changes in their environment. This involves integrating data from existing and highly distributed telematics systems, along with operator inputs through mobile apps and wearable devices.
Citing the need for real-time data in the mining industry, Vikram Ramasubramanian, partner at IPV, said, “The utilization of AI technology in the mining and construction sector is a significant advantage. These industries require real-time data to optimize time and resources.” He also acknowledged Cognecto’s potential to drive infrastructural development in the industry.
Rohet Sareen, business development head at Cognecto, shared his excitement about the partnership and the opportunity to technologically revolutionize the mining industry. He expressed gratitude for the guidance and support provided by IPV in raising this seed round.
With the additional funding, Cognecto is poised to accelerate the development of its product and further establish itself as a leader in the field of AI-driven solutions for the construction industry. The company’s unique approach, industry-specific expertise, and global presence make it a key player to watch in the ever-evolving landscape of mining and construction technology.
Founded in 2020, Cognecto provides AI-based solutions for the construction industry, particularly in analytics and managed services across Asia, Europe, Australia, and Africa. Cognecto has been honored as one of the most innovative startups by IIT Delhi in 2023. Considering the booming global market for the telematics industry. Notably, Asia commands a remarkable 25% share. Furthermore, the highest growth rate in the telematics industry is projected in Asia for the year 2022-23.