Cogniphi Technologies Pvt. Ltd, an artificial intelligence-based cognitive tech startup, has raised an undisclosed sum in a strategic investment from UST Global Inc., a United States-based digital transformation solutions company.
The investment is expected to help UST Global tap into the capabilities of Cogniphi as the acquirer’s chief operating officer Alexander Varghese said the investment is in line with the strategy of providing clients with the “best of technologies”.
Moreover, UST Global said its investment in the Kerala-based company will help accelerate the development of Cogniphi’s artificial intelligence and vision platform. The two companies will also formalise a joint go-to-market strategy.
Cogniphi founder and chief executive Rohith Raveendranath said the investment was proof of the company platform’s credibility. “Beyond the investment, their global customer reach, technology depth, and marketing strength will give a significant thrust for us, a much-needed scaffolding for any startup,” he added.
Founded in 2015, Cogniphi says its products allow customers to achieve their outcomes through cognitive digital solutions. Its platform provides vision intelligence to customers in sectors such as manufacturing, retail, healthcare, surveillance and smart cities.
It also operates in telematics, security and surveillance segments through its associate company, Ideas and Innovations Squared Technologies Pvt. Ltd.
UST Global is backed by Singapore’s Temasek. The company is owned by Indian-origin Chandaria family, based in Kenya. The family-owned Comcraft Group runs businesses in sectors such as steel, plastics and aluminium, with manufacturing facility operations in 45 countries.
UST Global and its subsidiaries cater to technology and innovation requirements of multinational corporations by providing solutions including digital customer engagement, data analytics, cloud consulting, product engineering, automation and cybersecurity solutions. In India, the company operates in Bengaluru, Chennai, Coimbatore, Kochi, Thiruvananthapuram, Mumbai, Bhopal and Delhi.
This month, the firm acquired Contineo Health, a firm specialising in electronic health record optimisation, to enhance its abilities in the healthcare segment.
In September last year, the company acquired Bengaluru-based SeviTech Systems, a chip design services firm. At the time, UST said the acquisition would help ramp up its capabilities in chipmaking-related areas such as pre-silicon engineering services and very-large-scale integration (VLSI), and deliver solutions to the automotive, communication, and storage industries.
