Cardinality.ai, a Gaithersburg, MD-based government-technology-focused AI SaaS solution provider, announced that it raised $12.5 million in Series B funding to expand Cardinality's market coverage and accelerate growth.
The round was led by Boathouse Capital, along with other investors. The investment will accelerate Cardinality's ability to meet the growing demand in the public sector for modern and secure technologies.
"This is an exciting day for the employees of Cardinality, the partners we work with, and the customers we serve," said Thiag Loganathan, Cardinality's CEO and Co-Founder. "With Boathouse's investment, Cardinality has raised $26 million in funding over the past two years and reinvested other assets that approach $100 million in total commitment to fulfilling our vision. The recent round will be used for accelerating innovation and expanding go-to-market efforts of our built-for-government AI SaaS solutions personalizing citizen outcomes."
Since its SaaS product launch in 2020, Cardinality.ai has experienced significant national demand and today has earned five states as clients, across eleven agencies. Cardinality.ai's vision is to enable policy leaders and government agencies to be data-driven with AI SaaS solutions to improve outcomes for vulnerable populations.
In addition to their investment, Boathouse joins Cardinality's Board of Directors and offers significant strategic value in go-to-market acceleration and future M&A support.
Company: Elixir Lab USA Inc.
Raised: $12.5M
Round: Series B
Funding Month: April 2023
Lead Investors: Boathouse Capital
Additional Investors:
Company Website: https://www.cardinality.ai/
Software Category: AI Case Management SaaS Solutions
About the Company: Founded in 2017, Cardinality.ai is a data technology company that helps government agencies achieve better outcomes by eliminating friction and improving the experience of citizens and government workers using artificial intelligence (AI) SaaS solutions. Its solutions, engineered for health and human services programs, deliver enhanced efficiency and improve the lives of citizens. Cardinality.ai's built-for-government suite of case management solutions employs configurable modules, cloud-based tech, a powerful AI assistant, an intuitive interface, and data-driven workflows on a low-code platform. The company's suite of solutions was built specifically for workforce, health, and human services agencies, leveraging modern AI case management and a low-code Personalized Integrated Citizen Services (PICS) platform.
Source: https://www.prnewswire.com/news-releases/cardinality-raises-12-5m-in-series-b-financing-to-expand-market-coverage-and-accelerate-growth-301796345.html