Kognitos launches the first generative AI platform that allows business users to automate business processes in plain English – bringing funding total to $9.35 million
SAN JOSE, Calif., Feb. 7, 2023 /PRNewswire/ — Kognitos, the pioneer in Generative AI for Business Automation using Large Language Models (LLMs) such as GPT3 and ChatGPT, today announced the company has closed a seed round of funding for $6.75 million. Clear Ventures is leading the seed round with participation from Engineering Capital and Wipro Ventures, the Corporate Investment arm of Wipro.
The funds will be used for the expansion of Kognitos’s cloud-based Koncierge™ platform. With the addition of this seed funding, Kognitos has received $9.35 million venture capital to date.
The Koncierge™ platform provides an intuitive Generative AI interface similar to ChatGPT – focused on the large global market for business process automation. The platform is powered by an AI Engine that can interpret the English language just like humans, enabling machines to fully understand a natural language for the very first time. Combining business data, business logic and LLM technology, Koncierge is able to automate business processes at cloud scale with the safety and auditability of human review in English.
Kognitos is the first company to enable Generative AI for automation in the enterprise, using English as the language of automation, audit and exception handling, enabling automation access to billions of business users worldwide. Kognitos also integrates with other AI technologies including GPT3, OCR, NLP, common business applications, cloud services and custom on-prem applications.
Kognitos offers patented conversational exception handling, lowering the cost of maintenance and troubleshooting automations. Rather than crashing on exceptions like traditional automations in the hyperautomation space, Koncierge starts a conversation to suggest resolutions and learns new business rules in English. As the global market for hyperautomation exceeds $600 billion, Gartner expects that by 2024, organizations will lower operational costs by 30% by combining hyperautomation technologies with redesigned operational processes.
“We are unlocking the power of AI for humanity. Now every person will be able to use Generative AI for automating what they want – utilizing the English language,” said Binny Gill, founder and CEO of Kognitos. “It’s time for computers to behave like humans, and humans to stop behaving like machines. We have developed Koncierge™, an AI technology that brings the immense power of Generative AI to an unprecedented engine that runs English as Code. Using Koncierge™ anyone can now describe what they want to be automated, and their automation is generated – all in auditable English. That means no developers, no complex tools, no bots.”
Kognitos was created in 2020 to address one of the biggest challenges businesses face today with automation – the lack of skilled personnel in automation. By enabling business users to describe even intricate processes such as invoice processing, insurance claims, credit card payment reconciliation, in English, Kognitos aims to radically accelerate the speed of innovation in businesses by reducing both the time and resources required to automate and maintain processes.
“Current day automation tools require significant involvement of IT and service providers to use the no code/low code solutions. Kognitos has built a platform that allows the people who know and own business processes to combine business logic and Generative AI leading to rapid automation — all in English,” said Rajeev Madhavan, Founder and General Partner Clear Ventures. “Kognitos’s business logic interpreter operates in English and empowers all business users with Generative AI that can be applied even to private business apps and data. Kognitos already has several customers using this capability in production – saving significant time and resources in their businesses, without the need for developers.”
“The vision of Kognitos is so compelling – to enable a billion business users to automate IT using English. Recently there has been a lot of buzz around Generative AI being applied to the creative arts. Kognitos has been working for over a year to apply it to business automation – by far the biggest opportunity for AI going forward,” said Ashmeet Sidana, Chief Engineer, Engineering Capital. “Kognitos has cracked the problem of bringing the power of AI in a safe manner where any business user is able to review, understand and later audit what the AI does. We are delighted to have been the first investor in the company, and to support Binny’s mission of bringing safe AI to businesses around the world.”
Kognitos Customers Testimonials:
Chris Richner, CIO, Norco Industries: Utilizes Kognitos for AP Invoicing – the employees have saved up to 15 to 20 hours a week helping them focus on more strategic matters in the company:
- “Kognitos has enabled our company to streamline repetitive tasks, resulting in significant time savings. Our employees now save 10-15 hours per week, and as we continue to expand our automation projects with Kognitos, we anticipate these savings to significantly increase.”
Todd Hahn, VP, Process and Improvement for Brown Integrated Logistics: Utilizes Kognitos for Bill of Lading for hundreds of customers.
- “We have hundreds of different customers all with unique bills of ladings – and all with different requirements as to how it should be recorded in our system. So it is going to be easier to get larger volumes done with Kognitos…before it was a huge challenge, but Kognitos has made it so that we can use simple English to process how to manage numerous scenarios, and Kognitos can run that for us. So it cuts out all of the manual billing, indexing, and data extraction and you don’t have to be educated and trained in the way that you would have had to be previously. The interface is much more user-friendly and it’s easier to understand what the objective is based on the English language that’s in there. I have not seen this capability anywhere else.”
Kognitos is the first company to enable generative AI to automate enterprise business processes. Founded in 2020, the company set out to address one of the biggest challenges for today’s businesses, automating intricate processes and workflows. Rather than forcing business managers to think like developers, Kognitos uses natural language processing automation (NLPA) and Large Language Models (LLMs) such as ChatGPT to enable business users to build automated workflows using everyday English. Kognitos is bringing seamless automation to billions of business users worldwide.
The Kognitos cloud platform includes Koncierge™, an intuitive interface that enables business users to plan automated processes, and BrainAI, a serverless technology that executes the action plan created in Koncierge. Using its own LLMs and related technologies such as GPT3, ChatGPT, OCR and NLP, Kognitos translates English commands into business automation, allowing users to customize processes in real time.
For more information, visit https://www.kognitos.com/