Austin-based CognitiveScale announced Tuesday it has landed $21.8 million in venture capital.
Norwest Venture Partners and Intel Capital co-led the round. CognitiveScale plans to use the money to expand its salesforce and on research and development of its product portfolio.
As part of the deal, Norwest’s Promod Haque and Intel Capital’s Vibhor Rastogi will join CognitiveScale’s Board of Directors.
“Our cognitive cloud software pairs man and machine so they can achieve something new and exponentially valuable together: intelligent user engagement and business processes that get smarter and more useful with time,” Manoj Saxena, Executive Chairman of CognitiveScale, said in a news release. “This funding will accelerate our mission to bring scalable, practical AI to the enterprise.”
CognitiveScale has Fortune 100 companies as customers in the financial services, healthcare and commerce industries.
“CognitiveScale is reimagining enterprise engagement with machine intelligence and its tailored solutions are serving as the linchpin for engagement and productivity,” Promod Haque, senior managing partner at Norwest Venture Partners said in a news release. “Not only is CognitiveScale’s technology helping solve core problems for the enterprise, but its executive team is top notch, and we have complete confidence that they’ll continue to innovate and move the AI industry forward.”
CognitiveScale’s products include ENGAGE and AMPLIFY, which analyze big data.