US-based enterprise operations modelling technology developer SparkCognition closed a $100m series C round yesterday with backing from aerospace and defence company Boeing and media group Hearst.
The round was led by investment firm March Capital Partners and also featured Singaporean state-owned investment firm Temasek, Kerogen Digital Solutions, Dalus Capital, Alameda Ventures, Sustainable Technology Ventures, Blue Horizon Ex Ventures, Founders Equity Partners, MSD Capital and multiple private backers.
Boeing contributed through its corporate venturing unit HorizonX Ventures, while Hearst took part through its Hearst Ventures division.
Founded in 2013, SparkCognition has developed a suite of technologies that help enterprise clients evaluate their operations, using artificial intelligence to model relevant physical and virtual assets.
The offering incorporates an automated tool for modelling construction projects, as well as products dedicated to data analytics, cybersecurity and natural language processes.
SparkCognition’s primary use-cases include oil and gas, energy, manufacturing and financial services. The company recently joined Boeing to work on artificial intelligence and blockchain-powered technologies for managing unmanned aerial vehicles.
SparkCognition closed a $56.5m series B round in the second half of 2017 following a $24m extension backed by Invenegy Future Fund and CME Ventures, respective investment vehicles for energy utility Invenergy and futures exchange operator CME.
Hedge fund manager Brevan Howard Investment and private investors also participated in the extension, which followed a $32.5m first series B tranche in June 2017 backed by Boeing HorizonX and telecoms firm Verizon’s corporate venturing unit Verizon Ventures.
SparkCognition had secured $16m prior to the series B round, including $6m in capital from CME Ventures, Verizon Ventures, Entrepreneurs’ Fund and Alameda Venture, in a 2016 round described at the time as an oversubscribed series B.