FortressIQ, a US-based company that uses artificial intelligence to offer consultancy services, picked up $30m in a series B round co-led by M12, the corporate venturing division of software producer Microsoft, yesterday.
Tiger Global Management co-led the round, which also included Comcast Ventures, the corporate venture capital division of mass media group Comcast, as well as Boldstart Ventures, Eniac Ventures and Lightspeed Venture Partners.
Founded in 2017, FortressIQ employs computer vision, natural language processing and artificial intelligence to understand workflows and uncover ways of increasing efficiency.
The technology is also increasingly used by clients to drive internal transformations that would otherwise require human consultants.
FortressIQ will use the money to help steer clients through the current economic climate. The company is keen to increase its headcount, but founder and chief executive Pankaj Chowdhry told TechCrunch he could not commit to any numbers because of economic uncertainties.
Chowdhry said: “We are dedicated to creating successful and intentional partnerships with companies whose values align with ours.
“This is why we are excited about this investment from M12. Microsoft’s enterprise experience is unparalleled, and we look forward to exploring collaborative ways to serve our customers.”
Comcast Ventures previously participated in a $12m series A round in December 2018 together with Boldstart, Eniac and lead investor Lightspeed.
The round brought FortressIQ’s funding total to $16m, but while Comcast Ventures, Boldstart and Eniac were identified as returning investors, further details about the company’s seed funding could not be ascertained.
