UPDATE: Since this Series B round, Cogniac has expanded its commercial operations and rebranded to cogniac.ai.
Cogniac, a startup developing technology for visual task automation, today raised $10 million. CEO Chuck Myers says the funds will be put toward hiring staff, expanding sales and marketing, and supporting the company's growth.
Tasks in manufacturing, one of Cogniac's key markets, can be error-prone when humans are in the loop. A study from Vanson Bourne found that 23% of all unplanned downtime in manufacturing is the result of human error, compared with rates as low as 9% in other segments. The $327.6 million Mars Climate Orbiter spacecraft was destroyed because of a failure to properly convert between units of measurement. And one pharma company reported a misunderstanding that resulted in an alert ticket being overridden, which cost four days on the production line at £200,000 ($253,946) per day.
Cogniac's AI platform has customers connect machine vision cameras, security cameras, drones, smartphones, and other sources and define objects and conditions of interest to them. They might specify surface damage and supply chain quality control inspections, for example, or accident prevention and real-time physical threat detection. Cogniac then monitors and improves classification, identification, counting, and measuring through a feedback system while integrating with third-party apps to deliver alerts and notifications.
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