- Beth Ferreira, Partner at FirstMark, will join the CognitOps Board of Directors
- CognitOps will use the funds to expand internationally, increase sales capacity, and expand product development
CognitOps has announced that it has raised $11 million in a Series A round of financing. FirstMark Capital led the investment round, with all of the company’s major investors participating, including Chicago Ventures, Schematic Ventures, Haystack, and CEAS Investments. Beth Ferreira, Partner at FirstMark, will join the CognitOps Board of Directors. CognitOps will use the funds to expand internationally, increase sales capacity, and expand product development. The CognitOps platform empowers supply chain leaders to make better, faster decisions to manage complexity, reduce cost, and improve cycle time without the need to upgrade or replace their existing investments.
Inflection point to unleash the potential of the modern distribution centre
Beth Ferreira, a general partner at New York City–based firm FirstMark Capital said, “CognitOps is tapping into a clear market need and is off to an explosive start. We believe they are at an inflection point to unleash the potential of the modern distribution center by leveraging artificial intelligence and data science at scale. The supply chain disruptions of the past eighteen months have highlighted the pain points in the warehouse and have emphasized the market need for new, innovative solutions. CognitOps has only just begun to revolutionize warehouse operations and we are thrilled to be partnering with the team.”
The round occurs after raising seed funding of US$3 million in the second quarter of 2020 and a record year of growth. It said that CognitOps grew 600 per cent in new clients across multiple industries and global regions. CognitOps also expanded within existing clients and created a global presence with pilot engagements in the UK and new partnerships in Latin America. CognitOps is also announcing a new global HQ in Austin, TX, located at 21 E 7th S, Austin, TX, and a software development center in Kyiv, Ukraine.