Generative AI-Powered Business Automation Specialist Kognitos Secures $6.75 Million - Finovate

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Business automation specialist Kognitos raised $6.75 million in seed funding. The investment takes the company’s total capital to $9.35 million.
Kognitos leverages Generative AI and Natural Language Processing (NLP) to enable business users to build automations using “English as code.”
Kognitos made its Finovate debut at FinovateSpring last year.

Here’s a funding announcement from a new alum that slipped beneath our radar. Business automation solution provider Kognitos raised $6.75 million in seed funding earlier this year. The round was led by Clear Ventures. Engineering Capital and Wipro Ventures, the corporate investment arm of Wipro, also participated. The investment takes Kognitos’ total funding to $9.35 million.

Kognitos will use the capital to expand its cloud-based Koncierge platform. The platform leverages an AI engine that interprets English as well as humans do. This enables businesses to build automations using natural language. Koncierge blends business data and logic with logic learning machine (LLM) technology to automate business processes at cloud scale.

“It’s time for computers to behave like humans, and humans to stop behaving like machines,” Kognitos founder and CEO Binny Gill said. He referred to the technology as an “unprecedented engine that runs English as Code.” He also noted that now “anyone can 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’ technology responds to two challenges. On the one hand there is a growing opportunity in business automation. On the other hand, there is a relative lack of skilled workers in the automation field. Kognitos’ solution tackles these issues with a combination of Generative AI and NLP to enable automation of a wide variety of processes from invoicing processing and insurance claims to credit card payment reconciliation. The ability to use natural language also gives Kognitos’ technology an advantage over many no code/low code solutions. This is because those technologies still require the involvement of IT and other service providers. Clear Ventures founder and General Partner Rajeev Madhavan underscored the value of avoiding this obligation. “Kognitos already has several customers using this capability in production,” Madhavan said, “saving significant time and resources in their businesses, without the need for developers.”

Founded in 2020, Kognitos made its Finovate debut last year at FinovateSpring 2022. At the conference, Gill and VP of Growth Jason Langone explained how its business automation solution helps all business users contribute to the company’s competitive advantage. By enabling them to build automations and microservices with NLP and Generative AI, Kognitos technology empowers users and helps remove obstacles and technical barriers-to-entry for a wide variety for businesses.

Kognitos is headquartered in San Jose, California.

Photo by Brett Sayles