CognitiveScale, a big data analytics and machine intelligence software company, spent more than a year in stealth mode developing products to generate insights out of data for large companies. Since emerging publicly in 2014, the company has been growing rapidly.
On Tuesday, the company announced it has raised a $21.8 million Series B round led by Norwest Venture Partners and Intel Capital to boost global sales and further develop its smart data products. Norwest's Promod Haque and Intel Capital's Vibhor Rastogi will join CognitiveScale's Board of Directors as part of the deal.
CognitiveScale has landed deals with Fortune 100 healthcare, financial services and commerce companies, and it has filed more than 60 patents for its "Deep Cognition Engine," which provides AI algorithms to develop insights from changing data and market conditions.
"CognitiveScale is reimagining enterprise engagement with machine intelligence and its tailored solutions are serving as the linchpin for engagement and productivity," Promod Haque, senior managing partner at Norwest Venture Partners, said in a news release.
CognitiveScale said last fall that it had tripled its revenues, employees and customer base since launching in 2014. It is cashing in on the boom in cloud computing and cognitive computing solutions that help churn out meaningful insights to businesses without humans spending large chunks of time on data analysis.
The company is led by Executive Chairman Manoj Saxena, a former general manager of IBM Watson; CEO Akshay Sabhikhi, a former global leader for IBM Smarter Care; and CTO Matt Sanchez, who led Watson Labs before founding CognitiveScale.
"The impact of artificial intelligence continues to grow as we improve a machine's ability to learn and predict using large amounts of data," Michael Greene, corporate vice president of Intel Software and Services Group said in a news release. "Machine intelligence systems that actively discover, act and learn from multi-structured data, like the one from CognitiveScale, will bring new innovations to the marketplace and complement technology initiatives such as the optimization of Spark analytics for Intel-based platforms."
Cognitive computing holds a lot of promise for several industries. Recently, CognitiveScale announced a collaboration with Intermountain Healthcare to help young adults who has Type 1 Diabetes manage blood glucose levels by applying the healthcare group's protocols with a new application that delivers personalized results to better track and manage diet, exercise and sleep patterns.
