Computer vision platform Cogniac nabs $20M to bolster its customer acquisition efforts Posted on : Oct 29 - 2021

Cogniac, a San Jose, California-based startup developing computer vision tech for task automation, today announced that it raised $20 million in a series B1 financing round led by National Grid Partners with participation from National Grid, Autotech Ventures, Cisco Investments, Energy Innovation Capital, London Technology Club, Vanedge Capital, and Wing Venture Capital. CEO Chuck Myers says that the proceeds will be put toward the expansion of Cogniac’s workforce and the ramp-up of R&D efforts to support the company’s approach to computer vision, data storage, and “human-AI interactivity.”

Computer vision is a type of AI technology that allows machines to understand, categorize, and differentiate between images. Using photos from cameras and videos as well as deep learning components, computer vision can identify and classify objects and then react to what it “sees.”

Investments in computer vision startups are on the rise as businesses embrace automation during the pandemic, which continues to place a strain on the worldwide labor market. Despite not having passed the “awareness phase,” as per one survey, the computer vision market could grow from $10.9 billion in 2019 to $17.4 billion by 2024. External investments in computer vision startups have already far exceeded the $3.5 billion McKinsey estimated in 2016.

Cogniac’s AI platform has customers connect machine vision cameras, security cameras, drones, smartphones, and other sources and define objects and conditions of interest to them. They might specify surface damage and supply chain quality control inspections, for example, or accident prevention and real-time physical threat detection. Cogniac then monitors and improves classification, identification, counting, and measuring through a feedback system while integrating with third-party apps to deliver alerts and notifications. View more