AI SaaS startup Cogna has secured £3.76 million led by Hoxton Ventures. The company will use this funding to improve industry problem-solving.
Cogna, an AI-driven SaaS platform that creates custom software for the industry, announced a successful raise of £3.76 million (~ $4.79 million) in recent funding. The round was led by Hoxton Ventures, with participation from Notion Capital and Octopus First Cheque Fund, and a roster of angel investors including Stan Boland (Founder, Icera); Hermann Hauser (of Amadeus Capital Partners); Professor Neil Lawrence (DeepMind Professor of Machine Learning, Cambridge); Zayd Enam and Tim Shi (Founders of Cresta); Ping Wu (CEO of Cresta); and Aviv Nevo, Nick Elliot (Helsing). This funding will empower Cogna to revolutionize problem-solving in traditional industries.
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Ben Peters, CEO of Cogna, shared: “The problem is huge. Productivity growth in traditional industries has stagnated or declined over the last 15 years. This is important, as 70 percent of Western economies are led by traditional industries such as manufacturing and civil engineering…Moreover, the conventional software and management consultancy model is often too slow and costly to effectively address these unique challenges.”
Bryan Gartner from Hoxton Ventures stated: “For the first time, large multinational businesses do not have to force-fit, tweak, and customize their own processes and workflows to operate in an off-the-shelf ERP software world. With Cogna’s software-factory approach to defining problems and designing solutions, these same companies can instead utilize highly customized and personalized apps that are tailor-made for their own businesses’ daily needs. We firmly believe a large majority of the enterprise software stack will see a fundamental shift to these custom platforms and apps over the coming years.”
Customer Steve Hunt, Director of Commercial at Cadent Gas, said: “Cogna’s approach has been both supportive and transformative within our commercial team, enabling us to effortlessly compare supplier bids and analyze vital commercial data quickly and with precision. Working with Cogna to optimize our annual gas mains replacement program and related activities not only ensures optimal outcomes but also supports both Cadent and also our supply chain partners in achieving a level of pricing transparency that is truly beneficial.”
Cogna plans to expand its team throughout 2024 and beyond, recruiting top talent to tackle the world’s most crucial challenges.
(Image Credit: Cogna)
About Cogna:
Founded in 2023 by Ben Peters and Lars Mennen, Cogna is a SaaS company using AI to develop tailored software applications, which are sold to numerous companies under a standard SaaS license.
Cogna’s AI-driven SaaS platform simplifies the integration of data across various business domains, empowering domain experts to create their customized software tools in collaboration with AI. These tools drive analysis, optimization, and decision-making, leading to significant improvements. The company aims to create custom software-as-a-service for people and problems in the world’s most ambitious companies.
(Source: Tech.eu)
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