London AI software services provider Cogna has raised $15m in series A private equity funding. Cogna’s platform uses AI to automate software development processes, after identifying and helping to overcome specific productivity challenges at companies.
The company focuses on the utilities, manufacturing, and energy verticals, along with the public sector. The software is said to enable non-technical teams to generate bespoke software solutions that address their needs “quickly and cost-effectively”. This can save firms a packet by reducing their external software development costs through consultants.
“Cogna’s precision software addresses every unique company pain point on its own terms, enabling immediate productivity gains,” said Ben Peters, co-founder and CEO of Cogna.
Notion Capital led the round, with participation from Hoxton Ventures and Chalfen Ventures. “Cogna is reimagining what’s possible for industries historically overlooked by the digital transformation revolution. The team’s precision approach offers not just great software, but solutions that align exactly with what each client needs to work more effectively,” said Jos White, general partner at Notion Capital.
Cogna was only founded 18 months ago, so its relatively quick fund raising in the AI software services hotspot will get it plenty of attention. It has already grown to a team of 40, and has gained key market traction by winning over customers including Cadent Gas and Network Plus in the utility sector.
Cadent Gas, the UK’s largest gas distribution network, is using Cogna’s platform to optimise various business functions, anything from procurement to gas escape management.
“We are supplying gas to 11m customers through 82,000 miles of pipe, so having the right digital infrastructure in place is just as important as our physical infrastructure,” said Howard Forster, COO of Cadent Gas. “Cogna gives us the ability to create precision software and allows us to work smarter and faster, ultimately delivering a better, more efficient service to the consumer.”
With the funds raised, Cogna says it will build support in a broader range of sectors, and widen its software features.
