Investments

AI Startup Cognitive Scale Gets USAA Backing

The USAA (United Services Automobile Assn.) has invested in artificial intelligence startup CognitiveScale for an undisclosed sum, bizjournals.com reported.

Though this latest funding was not quantified (and as a result it is unknown whether USAA is in fact a minority owner or majority owner in the firm), the site noted that a past round of $15 million in venture capital funding also included USAA participation.  The total raised to date since the firm’s genesis four years ago comes to $50 million.

CognitiveScale traces its roots to a number of IBM engineers who had in turn worked on Watson, the supercomputer project that works with A.I. and data analytics.  The company offers CortexOS, which is cloud based technology, to leverage data streams across predictive analytics. Those data streams come from customer sources (known as Engage) and employee sources (known as Amplify).  Unstructured data sources come from social media and other sites and sources including mobile apps and call centers.

The customer side of the analysis and predictions seeks to predict demand for goods and services.  The employee side looks to boost employee productivity.

The company also has partnerships in place with Microsoft and Deloitte and IBM, with investments coming previously from Norwest Partners and the Westly Group.

Bizjournals.com said that the deal comes as part of an investment from the USAA’s $300 million venture capital fund, which seeks out, among other types of investments, acquisitions and joint ventures.

Previous reports have stated that monthly subscriptions for the services come in at $250,000 for corporate users.

——————————–

Latest Insights: 

The Payments 2022 Study: Building A High-Performance Payments Team For Fraud Detection, a PYMNTS collaboration with Stripe, examines how digital platforms of all sectors and sizes plan to develop their anti-fraud teams as part of their their broader growth and development strategies. Drawing from an extensive survey from approximately 250 payments heads at digital platforms in the U.S. and abroad, our study analyzes how poor anti-fraud capabilities can harm platforms’ long-term growth strategies, and how they can build high-performing teams to tackle these challenges.

Click to comment

TRENDING RIGHT NOW

To Top