Posted by Bangalore: SparkCognition, artificial intelligence (AI) software solutions company has signed a definitive agreement to acquire Integration Wizards, a visual AI specialist. However, SparkCognition has not disclosed the financials of this acquisition.
Through Integration Wizards acquisition, SparkCognition expands its IP portfolio to include computer vision capabilities, bringing greater value to its industry solutions. The technology leverages new and diverse data sets, including CCTV feeds, drone footage, video from handheld devices, and existing camera infrastructures.
“With advanced visual AI that can recognise complex scenes and activities we further amplify the value we deliver to our customers while leveraging existing infrastructure investments,” said Amir Husain, Founder and CEO -SparkCognition.
“Integration Wizards has delivered visual AI at scale for innovators and Fortune 500 customers alike, saving lives, safeguarding assets, and driving demonstrable productivity gains,” added Husain.
Since its inception in 2014, Integration Wizards’ visual AI technology has provided solutions to global organisations including Hindustan Petroleum Corporation Limited (HPCL), Reliance Industries Limited, Heineken, Xerox, Novo Nordisk and Johnson Controls.
Integration Wizards’ customers span 16 countries and service over 20,000 users. Its core applications include 24/7 monitoring, enhancing safety and security initiatives, improved process automation in factories and facilities, support for autonomous vehicle operations, and environmental and situational awareness.
“We are thrilled to join SparkCognition, building on their leadership in AI and proven industry solutions,” said Kunal Kislay, CEO and Co-Founder of Integration Wizards.
“The team is excited to capitalize on their incredible depth of talent, considerable IP portfolio, and deep subject matter expertise, providing our customers with even greater value and a broader AI based portfolio,” added Kislay.
“The breadth of SparkCognition’s AI solutions and services, coupled with our extensive experience in deploying Visual AI capabilities to Fortune 500 customers, will be a game changer,” commented Kislay.
This announcement comes following a year of record growth for SparkCognition, doubling revenue year-over-year. Last year the company also acquired three AI businesses, expanding into key markets including renewables, financial services, and logistics.
Additionally, SparkCognition announced the close of its $123 million Series D fundraising round and a unicorn valuation of over $1.4 billion at the start of 2022.