SparkCognition, a Silicon Valley unicorn, announced on Sunday that it had acquired Bengaluru-based visual AI firm Integration Wizards, allowing it to grow into new areas such as retail, mining, and construction. Integration Wizards will also help SparkCognition expand further into established areas such as energy, industry, and government, according to the company.
Last Monday, AI firm SparkCognition announced the signing of a “definitive deal” to purchase Integration Wizards.
SparkCognition’s basic AI capabilities, notably visual AI, will be enhanced by Integration Wizards. According to SparkCognition CTO Sridhar Sudarshan, this expands the company’s existing IP and capabilities in the disciplines of machine vision, machine learning, deep learning, and natural language processing. SparkCognition, based in Texas, has made four acquisitions in the AI field.
SparkCognition had acquired three other technology firms, launched HyperWerx, a first-of-its-kind AI proving ground, and raised a USD 123 million Series D financing, valuing the company at over USD 1.4 billion.
March Capital, Doha Venture Capital, B. Riley Venture Capital, AEI Horizon X, Temasek, Alan Howard, Peter Loscher, John Chambers, Kerogen Digital Solutions, Hearst Ventures, Dalus Capital, MSD Capital, Andrew Liveris, Sustainable Technology Ventures, Blue Horizon ex Ventures, Paul &Ann-Kristin Achleitner, Founders Equity Partners, Malcolm Turnbull, and others have all contributed to the company’s $300 million funding round.
“Following our latest funding round, we are focusing on accelerating sales and marketing efforts, including industry and market expansion, accentuating SparkCognition’s research and development efforts, and facilitating organic and inorganic growth,” said Sridhar Sudarshan, CTO, SparkCognition.When asked about future acquisition plans, he said, “We continually re-evaluate our business requirements and take appropriate action, which may include additional M&A activity.”
