SparkCognition has signed an agreement to acquire Integration Wizards.
Through this acquisition, SparkCognition expands its IP portfolio to include computer vision capabilities, bringing greater value to its industry solutions.
“With advanced visual AI that can recognize 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 of 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.”
“We are thrilled to join SparkCognition, building on their leadership in AI and proven industry solutions. 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,” said Kunal Kislay, CEO and Co-Founder of Integration Wizards. “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.”
“As part of the digital transformation journey, HPCL is deploying AI-based visual analytics across its retail network to improve customer satisfaction and safety. The solution being implemented covers more than 1,00,000 CCTV cameras, by far the largest implementation of visual analytics in the country”, said Ch. Srinivas, CGM – Digital Initiatives, Hindustan Petroleum Corporation Limited (Integration Wizards Customer). “AI has been instrumental at advancing the use of data within our organization and I am excited by the breadth of AI solutions to help us provide cutting edge solutions for improving customer convenience and service, predict future events, and optimize processes.”
The technology leverages new and diverse data sets, including CCTV feeds, drone footage, video from handheld devices, and existing camera infrastructures.
The solution can be deployed in hours or days and helps address critical problems, including safety, security, visual inspection, productivity, and situational awareness.
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.