Cogna, which uses AI-powered software development to address complex business inefficiencies across critical industries, has raised £12.5m ($15m) in Series A funding.
The round, led by Notion Capital, with participation from Hoxton Ventures and Chalfen Ventures, will be used to scale Cogna’s unique custom software within industries underserved by traditional off-the-shelf software.
Through its ‘service-as-a-software’ model, Cogna uses AI to automate the IT consultancy process to identify and overcome specific productivity challenges within large, traditional enterprises.
Ben Peters, co-founder and CEO of London-based 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 and help organisations reduce bottlenecks and free their expert teams from arduous manual tasks, unlocking their vast untapped potential.”With this investment, Cogna plans to expand its platform capabilities, supporting a broader range of sectors and increasing the capabilities of its automated AI-powered software factory to deliver precision solutions to any business worker on demand.
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 not just great software, but solutions that align exactly with what each client 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.”
In just 18 months since its inception Cogna has grown to a team of 40 and gained significant market traction, including with customers Cadent Gas and Network Plus.
Howard Forster, COO of Cadent Gas, said: “As the UK’s largest gas distribution network, supplying gas to 11 million customers with 82,000 miles of pipe, having the right digital infrastructure in place is just as important as our physical infrastructure.
“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.”
Kevin Fowlie, CEO of Network Plus, said: “Our partnership with Cogna has revolutionised how we have started to manage customer interactions. Unlike off-the-shelf software solutions that require us to adapt our processes, Cogna has given us custom solutions that fit our exact needs, driving immediate value and efficiency.
“Their ability to quickly iterate and adapt solutions cost efficiently means we can continuously improve and innovate at pace to meet our clients and customers’ needs.”