Boeing is investing in SparkCognition, an artificial intelligence (AI) and machine-learning company based in Texas, Boeing said. The investment comes from Boeing HorizonX, the company’s venture arm that was established earlier this year.
SparkCognition is currently in its initial $32 million funding round. With this investment, Boeing joins a strategic group of companies that are investing, led by Verizon Ventures. SparkCognition specializes in the information technology security and industrial operations fields. According to Boeing, it has developed a cognitive, data-driven analytics platform for users in energy, oil and gas, manufacturing, finance, aerospace, defense, telecommunications and security sectors.
"Having industry stalwarts, Verizon and Boeing, support our existing investors in funding this new round of growth serves as tremendous validation of our technology and track record. There is massive demand for our category-leading AI solutions," said Amir Husain, founder and CEO of SparkCognition. "The world is well on its way to an AI-powered revolution."
Boeing said that its venture arm is part of the company’s plan for investing in future growth. Boeing HorizonX makes targeted investments in early-stage business and startups. Boeing said HorizonX seeks “unique business opportunities and non-traditional partnerships” for its aerospace technology. Other HorizonX investments include Upskill, an enterprise software company specializing in augmented reality wearables for manufacturing, and Zunum Aero, a company looking to develop an alternative propulsion aircraft. SparkCognition launched its first solution less than three years ago and has already acquired high-profile clients. Its technology can harness real-time sensor data and continuously learn from it.
"SparkCognition is at the forefront of a technological shift in machine learning and artificial intelligence that will revolutionize every aspect of industry,” said Greg Hyslop, Boeing’s CTO and SVP of engineering, test and technology. “They are leaders in AI, and they are pursuing the types of technologies that are critical to our future products and services."