Cognecto raises INR 4 crore in seed funding for regenerative AI development in mining and construction sectors
Bengaluru-based startup, Cognecto, has recently raised INR 4 crore in a seed round led by Inflection Point Ventures (IPV), a well-known investment firm. The funding will be used to develop regenerative AI to provide business and operational insights for the mining and construction sectors.
Cognecto’s AI system is designed to learn and adapt to new situations, similar to how biological systems regenerate and adapt to changes in their environment. The technology integrates data from existing and highly distributed telematics systems, along with operator inputs through mobile apps and wearable devices.
According to Vikram Ramasubramanian, Partner at IPV, the mining and construction sector requires real-time data to optimize time and resources. He acknowledged Cognecto’s potential to drive infrastructural development in the industry.
Cognecto’s Business Development Head, Rohet Sareen, expressed his excitement about the partnership and the opportunity to revolutionize the mining industry through technology. He also thanked IPV for their guidance and support in raising this seed round.
Cognecto was founded in 2020 and provides AI-based solutions for the construction industry, particularly in analytics and managed services across Asia, Europe, Australia, and Africa. The startup has been honored as one of the most innovative startups by IIT Delhi in 2023.
The booming global market for the telematics industry is estimated to be worth billions of dollars, with Asia commanding a remarkable 25% share. Furthermore, the highest growth rate in the telematics industry is projected in Asia for the year 2022-23.
With this additional funding, Cognecto is poised to accelerate the development of its product and establish itself as a leader in the field of AI-driven solutions for the construction industry. The company’s unique approach, industry-specific expertise, and global presence make it a key player to watch in the ever-evolving landscape of mining and construction technology.
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