Kognitos, a builder of generative artificial intelligence (AI) for business automation, has completed a $20 million Series A funding round, bringing its total venture capital raised to $30 million.
This company will use the new funding to enhance its platform capabilities, expand its partnerships and integrations with other business applications, and drive wider adoption of its automation platform, Kognitos said in a Thursday (Nov. 30) press release.
Founded in 2020, Kognitos aims to revolutionize the way business applications are developed and used by enabling machines to understand and communicate in human language, according to the release. The company leverages generative AI and a deterministic English interpreter to eliminate the risks of hallucination and biases commonly associated with AI, while providing the benefits of generative AI to business users.
One of the key advantages of Kognitos is its ability to accelerate automation without the need for traditional automation skill sets, the release said. This means that organizations can streamline their processes and reduce costs while empowering business users who are already familiar with the English language.
Prominent companies across various industries have already adopted Kognitos to enhance their operations, per the release.
Kognitos addresses the challenge of automating complex processes by utilizing natural language processing automation (NLPA), allowing business users to automate processes using plain human language, according to the release.
The platform integrates with enterprise resource planning (ERP), customer relationship management (CRM) and other common business applications, providing a dynamic learning experience that continuously improves automation based on business user interactions, the release said.
Kognitos has also unveiled its Exception Center, an exception handling interface aimed at business users, per the release. The company has also introduced multi-modal automation functions, including voice transcription, image comparison, image manipulation, QR code support, data visualization and PDF form filling.
PYMNTS Intelligence has found that 40% of executives said there is an urgent need to adopt generative AI. Large language models (LLMs) have the potential to free up huge swaths of human work hours, potentially impacting 40% of all working hours, according to “Understanding the Future of Generative AI,” a PYMNTS and AI-ID collaboration.