Kognitos Raises $20 Million for Generative AI-powered Business Automation Platform
In Brief
Business automation platform Kognitos raised $20 million to enhance product development and expand its generative AI capabilities.
Generative AI platform for business automation Kognitos successfully raised $20 million in a Series A round led by Khosla Ventures, with participation from investors Clear Ventures, Engineering Capital and Wipro Ventures.
The new funding will be directed towards product development and expanding Kognitos’ partnerships and integrations with third-party business apps. The investment brings company’s total funding to $30 million.
The Kognitos platform can automate tasks that touch on an array of markets and modalities, like voice transcription, light image editing, QR code scanning, creating data visualizations and filling out PDF forms.
The platform uses natural language processing automation (NLPA) to automate business processes in plain language, turning English into a “code.” The scalable SaaS platform operates without bots, managing business processes across ERP, CRM, and common applications.
Leveraging Generative AI for Business Automation
Kognitos incorporates human-in-the-loop functionality with patented conversational exception handling, relieving IT of the burden associated with business exceptions. Additionally, it learns dynamically from users handling exceptions, adding business value without the traditional costly software development life cycle of automation tools.
“Most businesses have hundreds of business processes involving careful examination of documents or emails, enforcement of some validations, processing of some data, and updation of systems of record like an enterprise resource management or customer relationships management system,” said Binny Gill, co-founder of Kognitos, in a written statement.
“The Kognitos solution is built both for the business process expert who sets the business processes in a company and for the business employees at large, who — without automation — find themselves doing things manually. Users with mid-level technical abilities can use Kognitos’ interface with no coding experience required,” he added.
Founded in 2020 by a former researcher at IBM and the CTO of Nutanix, Kognitos’ product was adopted by many companies across various manufacturing, logistics, CPG and retail industries, including PepsiCo, Wipro, Century Supply Chain Solutions and Norco Industries.
In terms of functionality, Kognitos currently competes with incumbent robotic process automation (RPA) platforms like UiPath and Automation Anywhere, as well as newcomers such as Adept.
Generative AI for business automation leverages advanced algorithms to create intelligent, adaptive systems capable of autonomously handling complex tasks and processes. By employing natural language processing and learning dynamically from user interactions, these solutions streamline operations, enhance efficiency, and transform manual tasks into automated, intuitive processes.
In 2016, a Deloitte study predicted that RPA, a type of automation that leverages software “bots” to automate back-office tasks, could make as many as 16% of roles redundant by 2025.
In a recent development, Parabola — a startup from San Francisco, which uses AI to help expedite back-office processes for logistics and e-commerce sectors, also announced that it raised $24 million in a Series B funding for developing AI applications to automate the workflow processes.
Disclaimer
In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.About The Author
Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
More articles
Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
