SparkCognition, a provider of artificial intelligence (AI) software solutions, announced on Friday that it has reached a definitive deal to buy Integration Wizards, a visual AI player, for an unknown sum. It intends to expand its IP portfolio to incorporate computer vision capabilities as part of this acquisition in order to add value to its industry solutions.
The technique, according to SparkCognition, makes use of new and diverse data sets such as CCTV feeds, drone footage, video from portable devices, and current camera infrastructures. Safety, security, visual inspection, productivity, and situational awareness are among the issues addressed by the solution, which can be implemented in hours or days.
“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,” Amir Husain, Founder and CEO of SparkCognition said in a statement. “Integration Wizards has delivered visual AI at scale for innovators and Fortune 500 customers alike, saving lives, safeguarding assets, and driving demonstrable productivity gains.”
Hindustan Petroleum Corporation Limited, Reliance Industries Limited, Heineken, Xerox, Novo Nordisk, and Johnson Controls have all benefited from Integration Wizards’ visual AI technology. 24/7 monitoring, enhanced safety and security measures, greater process automation in factories and facilities, support for autonomous vehicle operations, and environmental and situational awareness are just a few of their important uses.
“The team is excited to capitalize on SparkCognition’s 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,” Kunal Kislay, CEO and Co-Founder of Integration Wizards said.
SparkCognition acquired three AI businesses last year, expanding into markets including renewables, financial services, and logistics. It also closed its $123 million Series D fundraising round and hit a unicorn valuation of over $1.4 billion at the beginning of 2022.