Cognitive Code Corporation announced that it has approved a major equity add-on growth investment from existing investor Channel Mark Ventures. This is Channel Mark's second such equity investment in Cognitive Code since 2012. Specific financial terms were not disclosed.
The transaction allows Channel Mark Ventures to progress towards its declared strategic objective of owning larger stakes in a network of technology and e-commerce based companies. The funding also marks another strong validation of Cognitive Code's technology and growth trajectory. Their SILVIA platform is a complete system for the development and deployment of artificial intelligent applications to almost any platform, with a technological core that allows humans to interact with computers in completely natural and intuitive ways.
'We believe Channel Mark Ventures investment speaks to two themes: Their continued confidence that we are the industry's leading conversational intelligence platform, and that fact that both business enterprise and consumer demand for our SILVIA technology is seeing rapid acceleration and Channel Mark wants to be part of it, now and into the future,' said Leslie Spring, CEO and founder of Cognitive Code. 'Today you have many major tech companies like Google, Facebook, Twitter and IBM all hard at work in their labs trying to develop and crack the AI space with their own solutions. We on the other hand already have our sales force on the playing field and delivering our patented SILVIA artificial intelligence technology solutions to a broad base of clients, from the private sector all the way up to major Fortune 500 companies. The demand for our technology just in the past 6 months has been absolutely explosive. We've been scaling out our sales teams, support, and services. We are doing our best to keep up with the demand. But we're certainly not complaining.'
Companies are indeed investing billions to create applications in business intelligence systems, intelligent search, translators and many more. Such AI applications are intended to reduce costs, improve customer satisfaction and productivity and increase bottom-line revenues. Cognitive Code will use the additional funds to further advance its growth initiatives, the ongoing development of SILVIA core based applications and technology products.
'We meet with so many companies each year and we select only the very best to invest in. Cognitive Code was one such organization that hit our radar a couple of years ago. We noticed that they had that special matrix that demanded and captivated our attention. An innovative technology, a solid business team, a connected vision, an exciting company feel and a technology that was way beyond anything that we had ever seen before. We were sold and thrilled with the original opportunity to invest with them. Time has passed by quickly, and this has been a tremendously exciting ride. We are the benefactors of working with people of solid character, who just happen to be the best at what they do, and offering a technology that is simply game-changing. Needless to say this was not a very difficult decision for our company to make. Cognitive Code is clearly on a path to accomplishing some really special things and we are really fortunate to be part of this journey and we want to continue to add value as partners in this relationship.'
About Cognitive Code
Cognitive Code Corporation is a privately-held company specializing in the development and deployment of practical conversational artificial intelligence systems, based on their proprietary patented SILVIA technologies. SILVIA is a complete system for the development and deployment of intelligent applications to almost any computing platform or operating system, with a technological core that allows humans to interact with computers in completely natural and intuitive ways. For more information on Cognitive Code, please visit http://www.cognitivecode.com
About Channel Mark Ventures
Channel Mark Ventures is a seed and early-stage venture capital firm focused on investing in information technology start-ups and individual entrepreneurs. The firm targets companies that have a focus in the Information Technology, Internet and Consumer, Healthcare Information/ Big Data and Clean Energy sectors. Channel Mark Ventures invests in companies that use technology to change the way people experience the world. Advised by technology and product leaders, the Channel Mark team has the extensive operational and technical expertise to make smarter investments and help our portfolio companies succeed. For more information on Channel Mark Ventures, please visit http://www.channelmark.com