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Sparkcognition Acquires Integration Wizards, Expands Visual AI Capabilities Across Industries
To address the 14.4 billion dollars visual AI market, the AI company expands its portfolio of machine learning, deep learning, natural language processing, and knowledge representation.
Fremont, CA: The year 2022 will mark the transition of AI beyond experimental to essential. The priority would move to AI-enabled transformation that addresses more serious business issues with business-focused solutions.
SparkCognition, a global leader in business-perfected artificial intelligence (AI) software solutions, has signed a definitive agreement to acquire Integration Wizards, a leader in visual AI. SparkCognition's IP portfolio has been expanded to include computer vision abilities due to this acquisition, adding value to its industry solutions. The technology uses new and varied data sets, such as CCTV feeds, drone footage, video from handheld devices, and established camera infrastructures. The solution could get implemented in hours or days and aids in the resolution of critical issues such as safety, security, visual inspection, productivity, and situational awareness.
"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."
Integration Wizards' visual AI technology has provided solutions to global organizations such as Hindustan Petroleum, Reliance Industries Limited, Heineken, Xerox, Novo Nordisk, and Johnson Controls since its inception in 2014. Their customers come from 16 different countries, and they serve over 20,000 users. Key applications include:
• 24/7 monitoring.
• Improving privacy and protection initiatives.
• Improving process automation in industries and facilities.
• Assisting autonomous vehicle operations.
• Providing environmental and situational awareness.
This announcement follows a year of record growth for SparkCognition, which doubled revenue year over year. Last year, the company also acquired three artificial intelligence (AI) businesses, expanding into key markets such as renewable, financial services, and logistics. SparkCognition also announced the completion of its 123 million dollars Series D fundraising round and a unicorn valuation of more than 1.4 billion dollars at the start of 2022.