Meet Austin’s newest unicorn: SparkCognition, an artificial intelligence software solutions startup.

The company announced it has closed on $123 million in a Series D funding round. The funding round gives the company a valuation of $1.4 billion. To date, the company has raised $300 million in funding.

SparkCognition plans to use the funding for sales and marketing, research and development and to facilitate growth.

The round was represented by new and existing investors, including March Capital, Doha Venture Capital, B. Riley Venture Capital, AEI Horizon X, Temasek, Alan Howard, and Peter Löscher.

 SparkCognition’s customers are in a wide range of industries including oil and gas, renewables, manufacturing, financial services, transportation, and government.

“Our AI solutions address core infrastructure challenges, including asset optimization, preventing zero-day cyberattacks, augmenting skill gaps, and enabling climate change initiatives,” Amir Husain, Founder, and CEO of SparkCognition, said in a news release. “This additional capital will enable us to deepen our subject matter expertise, enhance our patent portfolio, and accelerate the diversity of problems we solve for customers, maximizing their return on investment.”

SparkCognition reported revenue increasing 90 percent in 2021 compared to 2020 and bookings increasing five times. It also reported its intellectual property portfolio grew by 75 percent.

In addition, SparkCognition completed three acquisitions in 2021. It expanded further into financial services, maritime, and renewable energy markets.

The company also opened its HyperWerx facility, a 50-acre showcase for artificial intelligence, Internet of Things, robotics and autonomous drone technology, and Industry 4.0.

“SparkCognition understands the value of using technology to solve the world’s most critical problems,” Peter Löscher, former CEO of Siemens, said in a news release. “They have an amazing track record of delivering world-class AI solutions that empower organizations to run a more sustainable, safe, and profitable business.”