Bengaluru (Karnataka) [India], March 28 (ANI/BusinessWire India): SparkCognition, a global leader in artificial intelligence (AI) software solutions perfected for business, is pleased to announce it has signed a definitive agreement to acquire Integration Wizards, a leader in visual AI.
Through this acquisition, SparkCognition expands its IP portfolio to include computer vision capabilities, bringing greater value to its industry solutions and will build on its portfolio of machine learning, deep learning, natural language processing, and knowledge representation to address $14.4B visual AI marketplace.
The technology leverages new and diverse data sets, including CCTV feeds, drone footage, video from handheld devices, and existing camera infrastructures. The solution can be deployed in hours or days and helps address critical problems, including safety, security, visual inspection, productivity, and situational awareness.
"With advanced visual AI that can recognize complex scenes and activities we further amplify the value we deliver to our customers while leveraging existing infrastructure investments," said Amir Husain, Founder and CEO of SparkCognition. "Integration Wizards has delivered visual AI at scale for innovators and Fortune 500 customers alike, saving lives, safeguarding assets, and driving demonstrable productivity gains."
Since its inception in 2014, Integration Wizards' visual AI technology has provided solutions to global organizations including Hindustan Petroleum, Reliance Industries Limited, Heineken, Xerox, Novo Nordisk, and Johnson Controls. Their customers span 16 countries and service over 20,000 users. Key applications include 24/7 monitoring, enhancing safety and security initiatives, improved process automation in factories and facilities, support for autonomous vehicle operations, and environmental and situational awareness.
"As part of the digital transformation journey, HPCL is deploying AI-based visual analytics across its retail network to improve customer satisfaction and safety. The solution being implemented covers more than 1,00,000 CCTV cameras, by far the largest implementation of vision analytics in the country," said Shri Ch. Srinivas, CGM - Digital Initiatives, HPCL. "AI has been instrumental at advancing the use of data within our organization and I am excited by the breadth of AI solutions to help us provide cutting edge solutions for improving customer convenience and service, predict future events, and optimize processes."
This announcement comes following a year of record growth for SparkCognition, doubling revenue year-over-year. Last year the company also acquired three AI businesses, expanding into key markets including renewables, financial services, and logistics. Additionally, SparkCognition announced the close of its $123 million Series D fundraising round and a unicorn valuation of over $1.4 billion at the start of 2022.
"We are thrilled to join SparkCognition, building on their leadership in AI and proven industry solutions. The team is excited to capitalize on their incredible depth of talent, considerable IP portfolio, and deep subject matter expertise, providing our customers with even greater value and a broader AI-based portfolio," said Kunal Kislay, CEO and Co-Founder of Integration Wizards. "The breadth of SparkCognition's AI solutions and services, coupled with our extensive experience in deploying Visual AI capabilities to Fortune 500 customers, will be a game-changer."
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