CognitiveScale has been largely successful in its funding so far, reaching $35 million in its last round. Thanks to further contributions from Intel Capital, Microsoft Ventures, The Westly Group, and USAA it's now reached a total of $50 million.
The AI company brings machine intelligence to enterprises in a strategic and risk mitigated manner. It combines and analyzes data from hundreds of sources to create actionable insights, while simultaneously learning from user input.
It's a dream that began in 2013 in Austin, Texas, and has expanded to envelope various softwares. For the moment, its largest foothold is in the healthcare and finance industries, and that makes USAA's new investment very strategic.
The USAA is a Texas-based financial services company and it's deploying CognitiveScale's software. It will provide its 12 million members with predictive banking services and has an interest in helping it reach its full potential.
“USAA has a long history of using emerging technologies to develop innovative ways to serve our members,” says Nathan McKinley, head of corporate development. “Our work with CognitiveScale allows us to support such innovation through our investment while also leveraging the AI products they have today to find ways to better serve our members.”
A Blend of Human and Machine
It's clear that finance is one of the biggest markets for AI currently, but many leaders have warned against its growth. The fear is that machine intelligence will overtake that of humans, resulting in a reduction of jobs that makes the current system unsustainable.
It's a big reason behind Microsoft's plan to democratize AI, but CognitiveScale CEO Akshay Sabhikhi says his company is a good example of the two working in tandem.
“While many AI technologies today are what we refer to as ‘anatomic AI' – the mouth, nose, ears, arms and legs of artificial intelligence – CognitiveScale delivers the brain of AI that augments and extends human expertise,” he explains. “Augmented intelligence is an outgrowth of AI that pairs man and machine to deliver the right advice at the right time, across any contact point.”
“While the fear of machines replacing humans makes for good science fiction,” he adds, “the pairing of man and machine is proving to be a compelling enterprise strategy.”