AI startup Cogniac secured $10 Million

Cogniac, a California-based provider of an enterprise-class Artificial Intelligence image and video analysis platform has now secured $10 million in Series B funding round, reports VentureBeat.

Cogniac is founded by Chuck Myers. It utilizes AI technology to build inspection workflows, offering enterprise-class AI based deep learning solutions that automate visual inspection tasks like detecting, measuring, classifying, counting to human-level accuracy and beyond.

Chuck Myers, CEO, Cogniac, said, "We are thrilled with our existing and new investors for leading this round and grateful for their support which will enable the business to continue to grow. We’re also grateful for our incredible roster of customers who align with our objective of improving visual inspection. Their partnership has reinforced the value of our mission and encouraged our ambition to provide exceptional service and solutions."

Alexei Andreev, PhD, Co-founder and Managing Director, Autotech Ventures, said, "At Autotech Ventures, we are very excited about the industry leading AI-as-a-Service solution developed by Cogniac. Its extraordinary team succeeded in building the first-of-a-kind ‘AI to choose AI’, automating a broad range of visual inspection tasks previously reserved for humans. Led by veterans of the enterprise software industry, Cognac is uniquely positioned to transform automotive manufacturing, ground transportation, logistics, and a multitude of other industries dependent on visual perception and semantic cognition. Cogniac's AaaS already provides a competitive edge to a growing list of North American customers, notably improving the economics of domestic manufacturing."

The round was backed by the Autotech Ventures with participation from the Wing Venture Capital, The George Kaiser Family Foundation/Energy Innovation Capital, Vanedge Capital, and Yellowstone Ventures.

The company now has plans to use the new funds to hire a team, expand sales and marketing teams, and support its future growth plans, notes the announcement.