Elemental Cognition, a New York-based artificial intelligence startup, raised $60 million in new funding.
The fundraise was disclosed in a filing with the U.S. Securities and Exchange Commission. The filing states that Elemental Cognition is attempting to raise $65.7 million and so far has sold $59.95 million, with a remaining $5.75 million in equity remaining to be sold.
The names of those who purchased the shares were not disclosed.
Elemental Cognition offers a hybrid AI platform with a natural language understanding that powers expert problem-solving intelligence in conversational and discovery applications. EC’s AI is claimed to transparently engage with people to understand, reason, and explain in solving complex problems beyond traditional AI.
The core of EC’s offering is to assist humans in understanding complex content, reasoning about it, and finding and explaining answers.
The company’s advanced reasoning algorithms are transparent and provably correct, with “neuro-symbolic AI” that uses neural networks to find patterns and generate possibilities combined with mathematical logic to make sure it all makes sense.
Company: Elemental Cognition Inc.
Raised: $60.0M
Round: Undisclosed
Funding Month: August 2023
Lead Investors: Undisclosed
Additional Investors:
Company Website: https://ec.ai/
Software Category: Intelligent Virtual Assistant (IVA) Software
About the Company: Founded in 2015 by David Ferrucci, Elemental Cognition (EC) provides a revolutionary Generative AI platform with superior natural language understanding that powers expert problem-solving intelligence and research & discovery applications. EC’s first two products, Cognet and Cobra, provide AI-enhanced chatbot services for the financial services industry and travel planning. Notable EC clients include the global airline alliance Oneworld Management Company Inc. and Penn State University.
Source: https://siliconangle.com/2023/08/17/elemental-cognition-led-ibm-watsons-former-head-raises-60m/