Integration Wizards acquisition to help expand into new markets, says SparkCognition

The US-based unicorn SparkCognition on Sunday said its new acquisition of Bangalore-based visual AI startup Integration Wizards will allow it to expand into new markets like retail, mining, and construction.SparkCognition in a statement said Integration Wizards will also help expand further into its existing markets like energy, manufacturing, and government.AI company SparkCognition had announced last week that it has signed a definitive agreement to acquire Integration Wizards.Integration Wizards will enhance SparkCognitions core AI capabilities, namely visual AI.

The US-based unicorn SparkCognition on Sunday said its new acquisition of Bangalore-based visual AI startup Integration Wizards will allow it to expand into new markets like retail, mining, and construction.

SparkCognition in a statement said Integration Wizards will also help expand further into its existing markets like energy, manufacturing, and government.

AI company SparkCognition had announced last week that it has signed a ''definitive agreement'' to acquire Integration Wizards.

Integration Wizards will enhance SparkCognition's core AI capabilities, namely visual AI. This expands SparkCognition's existing IP and capabilities in the fields of machine vision, machine learning, deep learning, natural language processing, SparkCognition CTO Sridhar Sudarshan said.

This is Texas-based SparkCognition's fourth acquisition, all in AI space. SparkCognition had acquired three other technology companies, opened HyperWerx, a first-of-its-kind AI proving ground, and closed a USD 123-million Series D round, achieving a unicorn valuation of over USD 1.4 billion.

SparkCognition has so far raised USD 300 million with investor participation from March Capital, Doha Venture Capital, B. Riley Venture Capital, AEI Horizon X, Temasek, Alan Howard, Peter Löscher, John Chambers, Kerogen Digital Solutions, Hearst Ventures, Dalus Capital, MSD Capital, Andrew Liveris, Sustainable Technology Ventures, Blue Horizon ex Ventures, Paul &Ann-Kristin Achleitner, Founders Equity Partners, Malcolm Turnbull and others.

''Following our latest funding round, we are focusing on accelerating sales and marketing efforts, including industry and market expansion, accentuating SparkCognition's research and development efforts, and facilitating organic and inorganic growth,'' said Sridhar Sudarshan, CTO, SparkCognition.

When asked about future acquisition plans, he said, ''We continually re-evaluate our business requirements and take appropriate action, which may include additional M&A activity.'' PTI PRS MR MR

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