SparkCognition closes Series B on $56.6m

SparkCognition, an Austin, Texas-based security analytics company, has closed its Series B financing round on $56.5m.

Last year, the company announced an initial Series B raise of $32.5m, with this second tranche brought the total amount raised in the Series B to $56.5m.

The round was led by Verizon Ventures with participation from The Boeing Company, through its Boeing HorizonX unit. Additional investors participating in the final Series B close were CME Ventures, Brevan Howard Investment Holdings , Invenergy Future Fund, and Cisco veterans, former CEO and executive chairman, John Chambers, and former EVP and chief development officer, Pankaj Patel.

One additional investor, an American global financial services company and one of the largest asset management firms in the world, also participated. SparkCognition is deploying advanced machine learning technology to customers in energy, oil and gas, manufacturing, finance, aerospace, defense, and security.

“We are grateful for the many successes to date, but SparkCognition is still in the very early phases of realizing its potential as a transformative company,” said Amir Husain, founder and CEO of SparkCognition. “We are honored to gain numerous industry leading investors and receive support as we rapidly grow to take our place at the forefront of the ‘AI 3.0’ revolution.”

SparkCognition develops AI-Powered cyber-physical software for the safety, security, and reliability of IT, OT, and the IIoT.

Its DeepArmor product provides endpoint security to protect organisations by leveraging the power of artificial intelligence to both detect and prevent threats at machine scale. The company says platform has trained on millions of malicious and benign files and provides industry-leading protection against a broad spectrum of threats.

The company’s SparkPredict product learns from sensor data, identifies impending failures long before they occur, and flags sub-optimal operations before they can cause any harm. It claims to enable predictive capabilities, which deliver billions of dollars in cost savings and operational efficiency improvements to machine operators.

SparkCognition also provides DeepNLP, a scalable solution that uses deep learning to deliver human intelligence at machine scale to documents. The product retrieves information, adds structure to documents by extracting key entities; and automates business processes by classifying documents in a cutting-edge and configurable way. The company has also developed Darwin, a platform that automates the model building process and amplifies the potential of a data scientist. Darwin replicates the mind of a data scientist by automating the cleaning of data, performing latent relationship extraction, and determining the optimal model to solve a given problem.

Copyright © 2018 RegTech Analyst

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