Cognecto, a Bangalore, India-based company that specializes in providing AI-based solutions for the construction industry, raised INR 4 crore in a seed funding round led by Inflection Point Ventures.
The funds will be used to develop regenerative artificial intelligence technology that is aimed at providing valuable business and operational insights for the mining and construction sectors.
This will involve 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.
"I am thrilled to have IPV Ventures as a 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," said Rohet Sareen, Co-founder of Cognecto.
Cognecto has a global presence on four continents Asia, Europe, Australia, and Africa serving several heavy industries, including mining, aluminum, highways, and logistics.
Company: Cognecto Private Limited
Raised: INR 4 Crore
Round: Seed Round
Funding Month: April 2023
Lead Investors: Inflection Point Ventures
Additional Investors:
Company Website: https://www.cognecto.com/
Software Category: AI Platform for Heavy Construction Equipment
About the Company: Founded in 2020 by Rohet Sareen, Divyani Singh, and Anshul Saxena, Cognecto is an AI solutions company with a laser focus on providing analytics solutions and managed services related to a mixed or homogeneous fleet of construction equipment. Cognecto uses artificial intelligence (AI), predictive analytics solutions, and managed services related to heavy industries. Cognecto specializes in providing AI-based solutions for the construction industry, specifically in the areas of analytics and managed services. It connects frontline workers and equipment on a unified platform to provide a comprehensive view of mining and construction operations, enabling businesses to generate valuable analytics and also offering industry-specific key performance indicators (KPIs) and specialized expertise.
Source: https://www.entrepreneur.com/en-in/news-and-trends/ai-solution-company-cognecto-raises-inr-4-crore-in-seed/450030