SparkCognition reaches unicorn status as it raises $123 million in funding
Meet Austin’s newest unicorn: SparkCognition, an artificial intelligence software solutions startup.
The company announced that it closed with $123 million in a Series D funding round. The funding round gives the company a valuation of $1.4 billion. To date, the company has raised $300 million in funding.
SparkCognition plans to use the funding for sales and marketing, research and development, and to facilitate growth.
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.
SparkCognition customers are from a wide range of industries, including oil and gas, renewable energy, manufacturing, financial services, transportation, and government.
“Our AI solutions address key infrastructure challenges, including optimizing assets, preventing zero-day cyberattacks, closing skills gaps, and enabling ‘climate change initiatives,’ Amir Husain, founder and CEO of SparkCognition, said in a press release. “This additional capital will allow us to deepen our subject matter expertise, improve our patent portfolio and accelerate the variety of problems we solve for clients, maximizing their return on investment.”
SparkCognition saw a 90% increase in revenue in 2021 compared to 2020 and bookings increased fivefold. He also reported that his IP portfolio grew by 75%.
In addition, SparkCognition completed three acquisitions in 2021. It expanded further into the financial services, maritime and renewable energy markets.
The company also opened its HyperWerx facility, a 50-acre showcase for artificial intelligence, the Internet of Things, robotics and autonomous drone technology, and Industry 4.0.
“SparkCognition understands the value of using technology to solve the world’s most critical problems,” said Peter Löscher, former CEO of Siemens, in a press release. “They have an incredible track record of delivering world-class AI solutions that enable organizations to run a more sustainable, secure and profitable business.”