AI technology developer SparkCognition has secured $56.5m in its Series B funding round, which was raised over two parts.
The company initially closed the Series on $32.5m in June last year, with Verizon Ventures leading the investment. Other participants to the final round included The Boeing Company, CME Ventures, Brevan Howard Investment Holdings Limited, Invenergy Future Fund, former Cisco CEO John Chambers, and former Cisco EVP Pankaj Patel.
Invenergy Future Fund and an unnamed investor led the second batch of funding for the Series.
Launched in 2016, SparkCognition develops AI solutions to enhance cybersecurity and data analytics. The company’s solutions are used across finance, energy, oil and gas, manufacturing, telecommunications defence and security industries.
SparkCognition’s technology can automate the processing of data, unlock unstructured data, and identify and prevent cyber threats to a client’s platform.
Capital from the round will be used to support SparkCognition’s growth.
John Chambers said “SparkCognition is building leading technology that is relevant on a global scale. I am impressed by the company’s vision to lead the ‘AI 3.0’ revolution and believe SparkCognition’s potential for future growth is astronomical.”
Last year, Verizon Ventures took part in the $33m series B funding round of data analytics company iguazio. The company launched an APAC regional headquarters in Singapore at the end of last year, to support its customers in the region.
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