$6.75M in seed funding for Kognitos propels generative AI for business automation
Kognitos, provider of generative AI for business automation using Large Language Models (LLMs), announced the completion of a seed funding round that has raised $6.75 million, bringing its total venture capital to $9.35 million.
Led by Clear Ventures with participation from Engineering Capital and Wipro Ventures, Kognitos will direct the funds toward the expansion of its cloud-based Koncierge platform, a business automation platform that leverages an AI engine to interpret the English language. Machines are equipped with the understanding of English natural language within Koncierge, combining business data and business logic with LLM technology—enabling automation of business processes at cloud scale, according to the vendor
“We are unlocking the power of AI for humanity. Now every person will be able to use generative AI for automating what they want—utilizing the English language,” said Binny Gill, founder and CEO of Kognitos. “It’s time for computers to behave like humans and humans to stop behaving like machines. We have developed Koncierge, an AI technology that brings the immense power of generative AI to an unprecedented engine that runs English as Code. Using Koncierge, anyone can now describe what they want to be automated, and their automation is generated—all in auditable English. That means no developers, no complex tools, no bots.”
Kognitos leverages English as the language of automation, audit, and exception handling to propagate its generative AI technology to enterprises around the world, according to the vendor. It can be integrated with other AI, such as GPT3, OCR, NLP, as well as with common business applications, cloud services, and custom on-premises applications.
“Current day automation tools require significant involvement of IT and service providers to use the no code/low code solutions. Kognitos has built a platform that allows the people who know and own business processes to combine business logic and Generative AI, leading to rapid automation—all in English,” said Rajeev Madhavan, founder and general partner for Clear Ventures. “Kognitos’s business logic interpreter operates in English and empowers all business users with generative AI that can be applied even to private business apps and data. Kognitos already has several customers using this capability in production—saving significant time and resources in their businesses, without the need for developers.”
Patented conversational exception handling from Kognitos ultimately reduces maintenance costs and troubleshooting automations, offering conversational resolutions and learning new business rules through its AI, as opposed to crashing on exceptions like other automation solutions. With the safety of human review in English, users of Kognitos’ technology can automate business processes with great visibility into the operation, according to the vendor.
“The vision of Kognitos is so compelling—to enable a billion business users to automate IT using English. Recently there has been a lot of buzz around generative AI being applied to the creative arts. Kognitos has been working for over a year to apply it to business automation—by far the biggest opportunity for AI going forward,” said Ashmeet Sidana, chief engineer at Engineering Capital. “Kognitos has cracked the problem of bringing the power of AI in a safe manner where any business user is able to review, understand, and later audit what the AI does. We are delighted to have been the first investor in the company, and to support Binny’s mission of bringing safe AI to businesses around the world.”
For more information about Kognitos’ Koncierge and generative AI, please visit https://www.kognitos.com/.