SparkCognition, the Austin, Texas, producer of cognitive security analytics systems, closed a $6 million oversubscribed Series B funding. New investors included CME Group’s CME Ventures as well as Verizon Ventures. Current investors participating were Entrepreneurs’ Fund and Alameda Ventures. SparkCognition says it has developed machine-learning technology that models physical and virtual assets, learns from data and derives insights to protect those assets. The tech allows “for more accurate risk mitigation and prevention policies to intervene and avert disasters,” the company said.
SparkCognition Closes Series B Funding Round
CME Ventures and Verizon Ventures join existing investors to fuel the artificial intelligence and machine learning innovator’s aggressive growth strategy
AUSTIN, Texas, April 26, 2016 /PRNewswire/ — SparkCognition, the world’s first Cognitive Security Analytics company, today announced that it has closed a $6M oversubscribed Series B funding round adding new investors CME Ventures, the venture capital arm of CME Group, and Verizon Ventures with participation from existing investors The Entrepreneurs’ Fund (TEF) and Alameda Ventures. SparkCognition will use the funding to fuel its rapid growth as the company continues to gain major traction in the IoT and cyber security verticals.
“We are already well on our way to an AI-powered Industrial IoT Revolution – where cognitive systems will truly augment human capabilities, but at machine speed and big data scale,” said Amir Husain, Founder and CEO of SparkCognition. “Our collaboration with CME Ventures and Verizon Ventures further validate the work we are doing at SparkCognition and speak to the industry needs we are addressing within the Industrial IoT and cyber security markets.”
SparkCognition has developed cutting-edge machine learning technology that model physical and virtual assets, continuously learn from data, and derive intelligent insights to secure and protect assets round the clock. In just under two years of launching its solution, the company has acquired dozens of major clients, including multiple Fortune 500 and Fortune 1,000 organizations. SparkCognition was awarded IBM’s InnovateApp 2014, has been named a Gartner Cool Vendor and Austin’s Hottest Start Up by SXSW in 2015 and the winner of Nokia’s Global Open Innovation competition. The company was also selected as one of the top companies enabling the safety and security of the Industrial Internet by CIO Review.
“We are excited to have CME Ventures and Verizon Ventures joining as strategic investors,” said Manoj Saxena, Chairman of the Board of SparkCognition and Former General Manager of IBM Watson. “The executive team at SparkCognition has done a remarkable job of acquiring an impressive list of clients, bringing on the best and the brightest, producing cutting edge IP, growing revenue, and building strong industry partnerships.”
“CME Ventures is pleased to welcome SparkCognition as its latest investment given the potential for its technology to impact the markets of the future,” said Rumi Morales, Executive Director, CME Ventures.
SparkCognition’s technology is capable of harnessing real time infrastructure data and learning from it continuously, allowing for more accurate risk mitigation and prevention policies to intervene and avert disasters. The company’s cybersecurity centered solution analyses structured and unstructured data and natural language sources to identify potential attacks in the IoT environment. The uniqueness of the cognitive platform is resonated by the fact that it can continuously learn from data and derive automated insights to thwart any emerging issue.
“With the emergence of connected devices, cyber security becomes extremely important and solutions that can analyze structured and unstructured security data is needed,” said Vijay Doradla, director at Verizon Ventures. “The uniqueness of SparkCognition’s cognitive platform is clear. We look forward to working with this innovative group as their powerful technology propels IoT and cyber security forward.”