Kognitos, the pioneer in Generative AI for Business Automation using Large Language Models (LLMs) such as GPT3 and ChatGPT, today announced the completion of a $6.75 million seed round. Clear Ventures is leading the seed round, which also includes Engineering Capital and Wipro Ventures, Wipro’s Corporate Investment arm.
The funds will be used to grow Kognitos’ cloud-based KonciergeTM platform. Kognitos has now received $9.35 million in venture capital, including this seed funding.
The KonciergeTM platform, which is focused on the large global market for business process automation, provides an intuitive Generative AI interface similar to ChatGPT.
The platform is powered by an AI Engine that can interpret English like humans, allowing machines to fully comprehend natural language for the first time. Koncierge is able to automate business processes at cloud scale while maintaining the safety and auditability of human review in English by combining business data, business logic, and LLM technology.
Kognitos is the first company to enable Generative AI for enterprise automation, using English as the language of automation, auditing, and exception handling, giving billions of business users worldwide access to automation. Other AI technologies that Kognitos integrates with include GPT3, OCR, NLP, common business applications, cloud services, and custom on-premises applications.
Kognitos provides patented conversational exception handling, which reduces maintenance and troubleshooting automation costs. Instead of crashing on exceptions like traditional hyperautomation automations, Koncierge initiates a conversation to suggest resolutions and learns new business rules in English. Gartner predicts that by 2024, organizations will reduce operational costs by 30% by combining hyperautomation technologies with redesigned operational processes, as the global market for hyperautomation exceeds $600 billion.
According to Binny Gill, the founder and CEO of Kognitos, the company is unlocking the power of AI for humanity by making it accessible for everyone to use. Their AI technology, Koncierge™, allows people to use the English language to describe what they want to be automated and generates the automation without the need for developers, complex tools, or bots. This innovation is aimed at making computers behave like humans and reducing the need for humans to act like machines. With Koncierge™, the power of Generative AI is now available to a wider audience, making automation more accessible and auditable.
Ashmeet Sidana, Chief Engineer of Engineering Capital, expressed excitement about the vision of Kognitos to enable business users to automate IT using English. He stated that the company has successfully applied Generative AI to business automation, which is the biggest opportunity for AI, and that they have found a way to bring the power of AI in a safe and auditable manner for any business user. He is proud to have been the first investor in the company and to support its mission of bringing safe AI to businesses worldwide.