SparkCognition, a global leader in AI software solutions developed for business, announced that it has signed a definitive deal to acquire Integration Wizards, a leader in visual AI. SparkCognition’s IP portfolio will be expanded to incorporate computer vision capabilities as a result of this acquisition, giving its industry solutions more value. CCTV feeds, drone footage, video from portable devices, and existing camera infrastructures are among the new and diverse data streams used by the technology. Safety, security, visual inspection, productivity, and situational awareness are just a few of the issues addressed by the solution, which may be installed in hours or days.
Amir Husain, Founder, and CEO of SparkCognition said, “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. Integration Wizards has delivered visual AI at scale for innovators and Fortune 500 customers alike, saving lives, safeguarding assets, and driving demonstrable productivity gains.”
SparkCognition has had a year of unprecedented growth, with sales more than doubling year over year. The company also purchased three AI businesses this year, allowing it to expand into crucial areas such as renewable energy, financial services, and logistics. In addition, at the start of 2022, SparkCognition announced the completion of its $123 million Series D fundraising round, with a unicorn valuation of over $1.4 billion.
Kunal Kislay, CEO and Co-Founder of Integration Wizards, said, “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. 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.”