Cogna, an artificial intelligence software firm, just brought in $15 million in new backing. The company has the largest gas distribution network in Britain among its clients. This latest funding includes investment from key venture capital firms Chalfen Ventures and Notion Capital.
Cogna intends to use the funding to boost productivity and resolve inefficiencies within the operations of their target clientele. According to the company, they intend to use “precision solutions” in the diagnosis and fixing of those challenges faced by their customers. Their clients are currently within the manufacturing, utilities and energy sectors.
With this new funding, Cogna plans to spread its reach to customers within other industries. They also plan to broaden the scope of their automated artificial intelligence-supported factory making software solutions.
Currently, Cogna is making inroads into the enterprise resource planning niche as well as the market for IT consultancy services. These industries are currently worth $51 billion and $362.5 billion in revenue, respectively. Cogna CEO and co-founder Ben Peters said that traditional manufacturing industries had been sidelined by the digital revolution as a result of the complex and peculiar challenges that they faced. He added that Cogna was determined to design solutions tailored to the unique needs of manufacturing industries so that they, too, can register the productivity enhancement that AI solutions can deliver.
Peters expressed confidence that the new funding injected into Cogna would enable the company to address the different bottlenecks which have been holding back entities in different industries, and the AI solutions would allow employees to unlock their potential once mundane repetitive tasks were taken over by automated AI solutions.
Howard Forster, COO of Cadent Gas, said that with network piping to the tune of 82,000 miles and over 11 million customers, they needed a software provider that could match their physical infrastructure scale. Cogna was suited to their requirements and they were happy to work with the company to develop solutions for various needs, such as optimizing their procurement system and creating a system to manage gas escape.
As more companies like Cogna bring AI solutions to different industries and sectors, the rate at which AI penetrates different walks of life is bound to accelerate. As that happens, the infrastructure demand (data centers and system components) will grow. Metals like copper, silver and gold are crucial to this expansion and mining entities like McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) are well positioned to reap from the ongoing AI boom.
For more information, visit the company’s website at www.McEwenMining.com
NOTE TO INVESTORS: The latest news and updates relating to MUX are available in the company’s newsroom at http://ibn.fm/MUX
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