Morning Report: Artificial intelligence company SparkCognition raised an additional $24 million Series B to close out its 2017 funding.
Austin-based artificial intelligence company SparkCognition announced the full close today of its multi-part Series B. The firm raised a total of $56.5 million in the round, which was announced during both 2017 and the early months of 2018.
Company spokesperson John King told Crunchbase News that SparkCognition will use the funding for talent acquisition, technology and IP development, national and international expansion, and industry expansion.
Founded by Amir Husain in 2014, SparkCognition aims to provide businesses ranging from energy, oil, and gas to finance and aerospace companies with cybersecurity and machine learning technology. According to its website, the company’s products include cybersecurity and document solutions, as well as data science technology.
Prior to this round, SparkCognition received $706,700 in grant funding from the U.S. Department of Energy in December of 2017. The company also raised a small, $370,000 round in 2013. This latest round brings the company’s total funding to $73.5 million. According to the press release Husain said, “We are grateful for the many successes to date, but SparkCognition is still in the very early phases of realizing its potential as a transformative company.”
Editorial Note: The company’s total funding to date has been updated (a previous version of this article reported the total at $63.6 million).
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