Saturday, 3 August 2024, Bengaluru, India
Cogniquest is an AI platform that captures key data points from unstructured information and complex documents to generate actionable insights. The company provides artificial intelligence natural language processing services. This AI startup secured an undisclosed amount of money from the venture capital firm Cedar-IBSi Capital. The funding round saw the participation of several investors and angel investors including co-founder of QuantGro Dhiraj Sinha and ex-managing director of Accenture India Rajesh Bhat.
The company intends to use this fresh capital to develop more innovative solutions, enhance its AI capabilities, scale up operations, and technology development, and expand its use cases. The AI company claims to have developed a context-aware artificial intelligence-powered platform. The startup claims to offer 200 times faster document processing making the organization save time while getting a more engaged and efficient workforce. Cogniquest provides its services to IT giants including Tech Mahindra and Infosys. The CBO and co-founder of Cogniquest, Kerodi told Inc42 in an interview that the company is focused on expanding its services and increasing its workforce. The startup also plans to use this investment to strengthen its market presence in India and expand its services globally.
The startup aims to build a globally known Indian enterprise tech SaaS platform. This development came after the Cedar-IBSI announced its first close of Rs 240 crore in its fintech fund round in March this year. The firm raised capital from Rs 50 to 75 crore. The AI startup plans to invest Rs 10 to 15 crore each in around 15 early-stage fintech startups across B2B bank tech and fintech areas. The partner at Cedar-IBSI, Subit Saurav mentioned in an interview with inc42 that the VC firm is excited to be working with Cogniquest to develop a disruptive AI-enabled platform to extract refined, relevant, and verified data from unstructured data.
The AI platform combines its cutting-edge technology with artificial intelligence to provide result-driven solutions. The startup faces competition from other companies in this segment including Cambridge Consultants, Tata Elxsi, and Tredence. The system fetches information and gives insights to users. This investment will enable the startup to develop deep-domain vertical solutions to meet the banking and finance sector requirements. The deal came after the AI sector gained interest in the Indian startup ecosystem. Last month, Gen AI startup Gnan secured $4 million from InfoEdge.
Conclusion:
Cogniquest is a context-aware AI platform that raised funding from Venture Capital firm Cedar-IBSI Capital in its seed funding round with the participation of several angel investors. The funding round had the participation of prominent angel investors such as QuantGro cofounder Dhiraj Sinha, Zeliot’s Anup Naik and Santosh Rao, and ex-Infosys executives Visveswara Gupta Umashankar Malapaka, among others. The startup plans to use this investment to enhance its AI capability, expand its market presence, and enhance its platform. The artificial Intelligence platform uses advanced technologies, a Large Language model, and cutting-edge technologies to provide the best solutions. Cogniquest competes with Cambridge consultants and other companies in the same sector.
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