London-based precision solution provider Cogna, which focuses on AI-powered software development, has raised $15M in Series A funding. Notion Capital led the round, including Hoxton Ventures and Chalfen Ventures, to address complex business inefficiencies across critical procurement, planning, and physical asset management industries.
The raised capital will scale Cogna’s unique custom software, designed to address the specific needs of industries underserved by traditional off-the-shelf solutions. This software, which leverages AI and large language models, is set to establish a new market category adjacent to the $51 billion enterprise resource planning and $362.5 billion consultancy markets.
How does Cogna’s AI technology break barriers?
Founded in 2023 by Lars Mennen and Ben Peters (previously part of the founding team at FiveAI, an AI-powered self-driving car company), Cogna leverages large language models (LLMs) and programming language analysis techniques to create custom software solutions. It stands out in the fast-paced market by solving high-impact business problems and unlocking productivity.
Unlike competitors focusing on off-the-shelf solutions and specific niches such as accounting, contract lifecycle management, or loyalty programs, Cogna has pursued a broad approach emphasising customisation. The platform allows users to define their software needs using natural language, making it more accessible to domain experts who may not have technical expertise. In just 18 months since its inception, Cogna has grown to a team 40 and gained significant market traction, including partnerships with Cadent Gas and Network Plus.
Ben Peters, Co-founder and CEO of Cogna, said, “Traditional industries have been left behind by the digital revolution due to the complexity of their operational challenges. Cogna’s mission is to empower these sectors with precision software technology that addresses every unique company pain point on its own terms, enabling immediate productivity gains. This funding allows us to bring our technology to more industries, help organisations reduce bottlenecks, and free their expert teams from arduous manual tasks, unlocking their vast untapped potential.”
Cogna and its SaaS model
Cogna provides a unique approach to software development through its’ service-as-a-software’ model. This model uses AI to automate IT consultancy, identifying and overcoming specific productivity challenges within large, traditional enterprises. If Cogna’s technology proves more effective or cost-efficient for certain industries, it could compete with Microsoft’s suite of productivity tools and AI services. Similarly, SAP could face competition from Cogna’s AI-driven solutions, which offer more customisable and precise software tailored to specific business needs.
The platform is designed to scale with enterprise needs, ensuring that software solutions can adapt and expand as companies grow and integrate seamlessly with existing systems and data sources, minimising disruption to current operations. Furthermore, Cogna’s AI is not static but continuously learns and improves from user interactions, ensuring it stays relevant and effective. It also adheres to strict security protocols and compliance standards crucial for regulated industries.
Investors recognise the potential impact of enterprise solution
Jos White, General Partner at Notion Capital, said: “Cogna is reimagining what’s possible for industries historically overlooked by the digital transformation revolution. The team’s precision approach offers great software and solutions that align exactly with each client’s needs to work more effectively. We’re thrilled to be backing the Cogna team for a second time as they revolutionise how organisations tackle their biggest productivity challenges affordably and quickly.”
Howard Forster, COO of Cadent Gas, said: “Cogna gives us the ability to create precision software across a huge variety of business functions – from optimising procurement to bolstering our gas escape management system. It allows us to work smarter and faster, ultimately delivering a better, more efficient service to the consumer.”
Looking ahead, Cogna will continue to focus on delivering tailored software solutions that address the unique needs of its clients while expanding its reach across traditional industries. However, the key challenge will be navigating the complexities of integrating AI into historically slow-to-adopt sectors and ensuring seamless integration with existing systems.
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