SparkCognition has announced that it has signed a definitive agreement to acquire Integration Wizards. With this acquisition, SparkCognition expands its IP portfolio to include computer vision capabilities, bringing greater value to its industrial solutions.
The technology leverages new and diverse datasets, including CCTV feeds, drone footage, video from handheld devices, and existing camera infrastructure. The solution can be deployed in hours or days and helps address critical issues including safety, security, visual inspection, productivity and situational awareness.
“With advanced visual AI capable of recognizing complex scenes and activities, we are further amplifying the value we deliver to our customers while leveraging existing infrastructure investments,” said Amir Husain, Founder and CEO of SparkCognition. “Integration Wizards has delivered visual AI at scale for Fortune 500 innovators and customers, saving lives, protecting assets, and driving demonstrable productivity gains.”
Since its inception in 2014, Integration Wizards’ visual AI technology has provided solutions to global organizations such as Hindustan Petroleum, Reliance Industries Limited, Heineken, Xerox, Novo Nordisk and Johnson Controls. Their customers span 16 countries and serve over 20,000 users. Key applications include 24/7 monitoring, improving safety and security initiatives, improving process automation in factories and facilities, supporting autonomous vehicles and environmental and situational awareness.
“As part of the digital transformation journey, HPCL is deploying AI-powered visual analytics across its retail network to improve customer satisfaction and safety. The implemented solution covers over 1,00,000 CCTV cameras, by far the largest vision analytics implementation in the country,” said Shri Ch. Srinivas, CGM – Digital Initiatives, HPCL. “AI has been instrumental in advancing the use of data within our organization and I am excited about the breadth of AI solutions to help us deliver industry-leading solutions to improve convenience. and customer service, predict future events and optimize processes.”
The announcement comes after a year of record growth for SparkCognition, doubling revenue year over year. Last year, the company also acquired three AI businesses, expanding into key markets such as renewable energy, financial services and logistics. Additionally, SparkCognition announced the closing of its $123 million Series D fundraising round and a unicorn valuation of over $1.4 billion in early 2022.
“We are excited to join SparkCognition, building on their leadership in AI and proven industry solutions. The team is excited to capitalize on its incredible depth of talent, massive IP portfolio, and deep subject matter expertise, delivering even greater value and a broader AI-enabled portfolio to our customers,” said Kunal. Kislay, CEO and co-founder of Integration Wizards. . “SparkCognition’s breadth of AI solutions and services, coupled with our extensive experience in deploying visual AI capabilities for Fortune 500 customers, will be a game-changer.”