Cogna Secures $15 Million for AI-Powered Software Solutions
LONDON, Monday 11 November 2024: Cogna, a precision solutions provider leveraging AI-powered software development, has successfully secured a notable sum of $15 million (£11.6 million) in Series A funding. This considerable investment round was led by Notion Capital, with participation from Hoxton Ventures and Chalfen Ventures. The funds raised will primarily be allocated to scaling Cogna’s distinctive custom software across industries that have traditionally been underserved by standard off-the-shelf software solutions. This strategic move opens up a vast market category adjacent to the impressive $51 billion enterprise resource planning market and the monumental $362.5 billion consultancy market, presenting immense opportunities for growth and innovation.
The approach adopted by Cogna revolves around its ‘service-as-a-software’ model that utilizes cutting-edge AI technology to automate the IT consultancy process.
This methodology allows organizations to identify specific productivity challenges and subsequently devise tailored solutions. Focusing heavily on critical sectors that constitute over 70% of the economy, such as utilities, manufacturing, energy, and the public sector, Cogna’s AI-powered platform simplifies the complex task of defining unique operational pain points. This innovative platform empowers non-technical teams to create bespoke software solutions swiftly and cost-effectively, all without requiring any prior software development expertise. By enabling companies to transcend the limitations of legacy systems, Cogna significantly enhances process efficiency, automates high-value knowledge work, and drives productivity improvements across essential functions like procurement, operations, and asset management.
“Traditional industries have been left behind by the digital revolution due to the complexity of their operational challenges," stated Ben Peters, Co-founder and CEO of Cogna. "Cogna’s mission is to empower these sectors with precision software technology that addresses every unique company pain point on its own terms, enabling immediate productivity gains. This funding allows us to bring our technology to more industries and help organizations reduce bottlenecks and free their expert teams from arduous manual tasks, unlocking their vast untapped potential.” With the fresh capital, Cogna plans to broaden its platform capabilities and enhance its automated AI-powered software factory, ultimately delivering precision solutions on demand. As Jos White, General Partner at Notion Capital, remarked, "Cogna is reimagining what’s possible for industries historically overlooked by the digital transformation revolution." In just 18 months since its establishment, Cogna has expanded its workforce to 40 and garnered substantial market traction, including partnerships with renowned clients such as Cadent Gas and Network Plus.
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