10 Oct 2019 Kerogen Capital invests in SparkCognition
Kerogen Capital is pleased to announce an investment in SparkCognition through Kerogen’s digital platform – Kerogen Digital Solutions (“KDS”).
SparkCognition is a global artificial intelligence (AI) leader focused on solutions for the Energy, Aerospace & Defense, Automotive and Industrials sectors. KDS’s US$10 million investment is part of a fully-subscribed US$100 million Series C Preferred Stock round to advance SparkCognition’s domestic and international growth.
SparkCognition’s AI solution for predictive maintenance, SparkPredict, is being implemented across over 30 offshore topside and subsea oil and gas installations globally, including two offshore platforms in which Kerogen portfolio companies have an interest. In addition, SparkCognition offers three other AI products: Darwin (automated model builder), DeepArmor (cybersecurity solution) and DeepNLP (unstructured-to-structured data automation solution).
Post-investment, KDS will receive a board observer seat and will work together with SparkCognition to grow its international energy business.
Amir Husain, Founder and CEO of SparkCognition:
“In the past several years, SparkCognition has developed a leading AI solution which can solve critical problems across a diverse set of industries including the energy sector. We are proud to have the backing of a large, international energy specialist like Kerogen and are excited to further build our energy franchise together.”
Jason Cheng, Managing Partner and Co-Founder of Kerogen:
“Digital transformation of the energy sector is a key focus for our investing and operating strategy. We are very excited about our future partnership with SparkCognition and we look forward to working together in expanding SparkCognition’s global footprint in the energy industry and to leverage their AI solutions in Kerogen’s future projects.”
Founded in 2013 and based in Austin, Texas, SparkCognition has established itself as a global leader in AI solutions. SparkCognition is led by an experienced management team with track record from companies such as IBM Watson, Boston Consulting Group and Dell. Additionally, the Company’s board of directors comprises of senior executives from Boeing, Cisco Systems and March Capital Partners, as well as the former President of Goldman Sachs and former 4-star US Marine Corps General. SparkCognition has announced partnerships and engagements with industry leaders across multiple sectors, including Boeing, Hitachi High-Technologies, Aker BP and many others.
For more information: SparkCognition Press Release