AI Warehouse Applications provider CognitOps secured $11 Million

CognitOps, a Texas-based global provider of Artificial Intelligence (AI) based warehouse operating applications, has now secured $11 million in a Series A funding round.

CognitOps is founded by Reas Macken. The company provides a platform that allows supply chain leaders to make decisions to reduce cost, manage complexity, and improve cycle time without the need to upgrade or replace their existing investments. The company also has a software development center in Ukraine.

Artificial Intelligence (AI) can produce data analytics models to study inefficiencies in warehouses. Also, computer vision powered image processing can be used to identify the objects in the warehouses. This helps in reducing the errors at different phases of the supply chain such as packaging and loading, leading to market growth. 

According to All The Research report, the global Artificial Intelligence (AI) in logistics and supply chain market ecosystem stood at USD 1.7 bn in 2018 and is expected to reach USD 12 Bn in 2027. The Artificial Intelligence (AI) based warehouse management system is one of the applications of AI in the logistics and supply chain market.

Beth Ferreira, a general partner at FirstMark Capital, said, "CognitOps is tapping into a clear market need and is off to an explosive start. We believe they are at an inflection point to unleash the potential of the modern distribution center by leveraging artificial intelligence and data science at scale. The supply chain disruptions of the past eighteen months have highlighted the pain points in the warehouse and have emphasized the market need for new, innovative solutions. CognitOps has only just begun to revolutionize warehouse operations, and we are thrilled to be partnering with the team."

Reas Macken, Co-founder and Chief Product Officer of CognitOps, said, "We continue to be amazed by the number of Fortune 500 and small-and-medium-sized businesses that manage their warehouses with Excel spreadsheets and tribal knowledge. Empowering frontline warehouse managers to make decisions confidently is the first step to resiliency, and our solution delivers the needed data, insights, and actions to help them do so."

The FirstMark Capital led the latest funding round. Other participating investors include Schematic Ventures, Chicago Ventures, CEAS Investments, and Haystack.

Post funding, Beth Ferreira, the Managing Partner at FirstMark, will join the CognitOps Board of Directors team.

The CognitOps, as of now, has plans to use the new funds to expand internationally, expand its Artificial Intelligence (AI) powered warehouse platform product development, and increase its sales capacity, notes the announcement.