Cognovi Labs, a Columbus, Ohio-based developer of the SaaS platform for emotion-based artificial intelligence, raised $2.3m in seed funding.
The round was led by Ikove Venture Partners with participation from HBS Alumni Angels of Greater New York and Bossa Nova Investimentos and an angel investor group from Europe.
The company intends to use the funds to scale out client engagement, expand its core team and refine its commercial product.
Led by Beni Gradwohl, Ph.D., CEO and co-founder, Cognovi Labs develops a SaaS platform that leverages emotion-based artificial intelligence (Emotion AI) to make predictions for businesses, investors, advertisement agencies and political events. The platform allows clients to make more accurate predictions in all aspects of their business in real time. This includes forecasting product sales to make immediate course changes in inventory management; selecting stocks based on consumers’ intent and shopping behavior; predicting the outcome of political events or influencing the outcome by adjusting the message; and continuously optimizing ad targeting to strengthen a brand and generate leads.
The Cognovi Labs’ AI technology was developed by Dr. Amit Sheth at the Kno.e.sis Center at Wright State University.