Bengaluru-based AI solution company Cognecto has secured $ 48.6879k in a Seed Round led by Inflection Point Ventures (IPV).
The funds will be used to develop Regenerative Artificial Intelligence technology involving integrating data from existing and highly distributed telematics systems, along with operator inputs through mobile apps and wearable devices, and combining AI to drive smart allocation, routing, and operational and maintenance effectiveness.
Cognecto specializes in providing AI-based solutions for the construction industry, specifically in the areas of analytics and managed services, and caters to a diverse range of construction equipment.
Founded in 2020, the startup has quickly made a name for itself with its innovative solutions and unique approach to problem-solving.
Cognecto has a global presence on four continents and serves several heavy industries, including mining, aluminum, highways, and logistics. Their platform offers industry-specific key performance indicators (KPIs) and specialized expertise, enabling businesses to generate valuable analytics.
Vikram Ramasubramanian, Partner, Inflection Point Ventures, says, “The utilization of AI technology in the mining and construction sector is a significant advantage. These industries require real-time data to optimize time and resources effectively. Cognecto, with its state-of-the-art technology, offers solutions for infrastructural development, making it easier for even the most complex workforce to improve productivity on a large scale. IPV has always been at the forefront of extending support to innovative ideas that enhance productivity and optimize resources to their fullest potential.”.
Rohet Sareen, Head of Business Development, Cognecto, says, “I am thrilled to have IPV Ventures as partner in our journey to revolutionize the mining industry through cutting-edge technology. Their vast experience and guidance have been invaluable in raising this seed round, and we look forward to a successful collaboration. With this funding, we are excited to accelerate the development of our product and bring real-time data analytics to the forefront of mining and construction operations.”
Cognecto has received several recognitions, including being named a top global startup to watch in the mining sector by StartUs Insights, a key player in equipment monitoring globally by Industry ARC, one of the top 10 most recommended startups by CIO Insider, and one of the top 11 mining startups in Karnataka by Futurology. Additionally, the startup was named one of the most innovative startups by IIT Delhi in 2023.
The global market size for the telematics industry is $64.2 billion (2022), with 25% of that market in Asia. The highest growth rate is also observed in Asia in the year 2022-23. Cognecto’s innovative approach to problem-solving and its cutting-edge technology make it a promising player in the construction industry, and with the funding secured in this seed round, the startup is well-positioned to continue to develop its solutions and expand its global reach.