CognitOps, which is a provider of artificial intelligence (AI) based warehouse operating applications, announced on May 6, 2021, that it has raised USD 11 million in a Series A round of funding.
The investment round was led by FirstMark Capital and was participated by all the major investors of the company like Chicago Ventures, Schematic Ventures, Haystack, and CEAS Investments. The announcement that Beth Ferreira, Partner at FirstMark will join the Board of Directors at CogniOps was also made. This round occurred after raising the seed funding of USD 3 million in the second quarter of 2020 and a year that recorded growth.
The funds will be used by the company to expand internationally, increase the sales capacity and expand the development of the product. Even though the global supply chains have made an investment of over USD 10 billion in warehouse management, it still struggles with issues like labor shortages, accelerated service, and supply base being disturbed.
About CognitOps
With headquarters in Austin, Texas, and with the co-founder and CEO Alex Ramirez, the CognitOps platform empowers the supply chain leaders to make better, faster decisions to manage complexity, reduce cost and improve cycle time without requiring to update or replace their existing investments. It helps in automating the warehouse management and uses machine learning to operationalize analytics and thus automate decision-making.
The company has shown growth in 2020 and has grown 600% in new clients across multiple industries and global regions. It also expanded within its existing clients and created its presence globally with pilot engagements in the UK and new partnerships in Latin America.
The company is also going to announce a new global headquarters in Austin, Texas which will be located at 21 E 7th S, Austin, Texas, and a software development center in Kyiv, Ukraine.
What do the Co-founders say?
“We’re humbled by FirstMark’s conviction in our vision and we’re excited to welcome Beth to our team. Beth’s unique combination as a former operator at Fab.com and Etsy, along with her expertise in the capital markets are going to be accelerants to our growth”, said Alex Ramirez, Co-Founder, and CEO of CogniOps.
“We continue to be amazed by the number of Fortune 500 and small and medium-sized businesses that manage their warehouses by Excel spreadsheets and tribal knowledge”, said Reas Macken, Co-founder and Cheif Product Officer at CohniOps.
What does Beth Ferreira say?
“CognitOps is tapping into clear market need and is off to an explosive start. We believe they are at an inflection point to unleash the potential of the modern distribution center by leveraging artificial intelligence and data science at scale. The supply chain disruptions of the past 18 months have highlighted the pain points in the warehouse and have emphasized the market need for new, innovative solutions. CognitOps has only just begun to revolutionize warehouse operations and we are thrilled to be partnering with the team.”
What do the investors of the company say?
“The margin for error in supply chain operations is contracting quickly. Leading brands are actively investing in more flexible, efficient digital infrastructure, which has proven to drive higher operating margins. CognitOps is the trusted agent for these organizations, helping turn supply chain into a source of competitive advantage”, said Peter Christman, board member, and partner at Chicago Ventures.
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