SparkCognition, an artificial intelligence (AI) software solution company, signed a definitive agreement to acquire Integration Wizards, a visual AI firm.
SparkCognition expands its IP portfolio to include computer vision capabilities through this acquisition, 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. The solution helps address critical problems, including safety, security, visual inspection, productivity, and situational awareness.
“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 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.”
Since its inception in 2014, Integration Wizards’ visual AI technology has provided solutions to global organisations, including Hindustan Petroleum, Reliance Industries Limited, Heineken, Xerox, Novo Nordisk, and Johnson Controls. Their customers span 16 countries and service over 20,000 users. Key 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.
“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 implemented solution covers more than 100,000 CCTV cameras, the largest implementation of visual analytics in the country”, said Ch. Srinivas, CGM – Digital Initiatives, HPCL. “AI has been instrumental at advancing the use of data within our organisation, 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 optimise processes.”
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.
“We are thrilled to join SparkCognition, building on their leadership in AI and proven industry solutions. The team is excited to capitalise 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.”
