Amid growing hype about the ability of Artificial Intelligence (AI) to turbo-charge the growth of Industry 4.0, AI firm Beyond Limits announced a US$133 million ($181.7 million) Series C funding round on 23 September 2020, with another US$20 million committed. The round was led by prominent AI and cloud computing firm Group 42 and existing investor and client bp ventures.
“Today we are seeing unprecedented, world-wide demand for systems that go beyond the limitations of conventional AI,” said AJ Abdallat, CEO and Founder of Beyond Limits. “Our cognitive software has the ability to understand situations and place problems in real-world contexts as well as to learn over time.”
The firm has announced that it will use the funding to expand its US and overseas business, including the launch of its regional headquarters in Singapore and operations in Hong Kong, Taipei and Tokyo. Further expansion will take place in Europe, the Middle East, Africa and Asia. It also intends to use the funds to drive its Cognitive AI application development, SaaS product portfolio and the Beyond Labs R&D program.
“Beyond Limits Asia will drive investments for joint ventures and strategic partnerships in Asia to expand Beyond Limits’ AI in new verticals including financial services, led by the Hong Kong office, and advanced manufacturing, led by the Taiwan office,” adds a press release by the firm.
Founded in 2014, Beyond Limits produces industrial and enterprise-grade AI that is geared towards demanding sectors like energy, utilities and healthcare. It was recently honored by CB Insights on their 2020 List of Top AI 100 most innovative artificial intelligence startups and by Frost & Sullivan for their North American Technology Innovation Award.
The young business claims a large investment portfolio of advanced technology developed at Caltech’s Jet Propulsion Laboratory for NASA space missions. Its unique cognitive AI technology combines numeric technology like machine learning with knowledge-based reasoning to produce actionable intelligence.
“Beyond Limits’ Cognitive AI applies human-like reasoning to solve problems, much like how humans form conclusions using inference and logic. This unique approach combines encoded human knowledge with available data sources, allowing systems to adapt and continue to operate in situations where data may be in short supply or missing altogether,” continues the release.
Morag Watson, Senior Vice President, Digital Science and Engineering at bp ventures, is bullish on bp’s latest investment. “With this additional investment, we believe that Beyond Limits’ Cognitive AI could help create a more intelligent and sustainable future for the energy sector and indeed across industry as a whole,” he remarks.
Martin Edelman, General Counsel at Group 42, agrees. “We believe Beyond Limits’ unique AI will bring new levels of efficiency to high-impact sectors and help drive future economic growth.”
