US-based artificial intelligence (AI) technology developer SparkCognition closed a $32m funding round on Monday led by Verizon Ventures, the corporate venturing arm of telecommunications company Verizon.
Aerospace company Boeing also contributed to the round through HorizonX, the investment subsidiary it launched in April 2017, as did a range of unnamed backers.
SparkCognition previously raised $6m in an April 2016 round backed by Verizon Ventures and CME Ventures, the investment arm of futures exchange company CME, as well as the Entrepreneurs’ Fund and Alameda Ventures.
Founded in 2013, SparkCognition has developed a machine learning platform that provides data-driven analytics for the energy, manufacturing, finance, aerospace, defence, telecom, security, oil and gas industries.
Details of SparkCognition’s earlier funding have not been confirmed. A securities filing shows the company secured $375,000 in 2013 but SparkCognition has not provided any further regulatory filings since.
Amir Husain, founder and CEO of SparkCognition, said: “Having industry stalwarts Verizon and Boeing support our existing investors in funding this new round of growth serves as tremendous validation of our technology and track record.
“There is massive demand for our category-leading AI solutions. The world is well on its way to an AI-powered revolution – where cognitive systems will truly augment human capabilities, but at machine speed and big data scale.
“Our real world deployments and on-the-ground successes speak to the broad applicability of SparkCognition’s AI technology, and the tremendous promise of AI in general.”