October 22, 2014
For the past 18 months, the Cognitive Scale team has focused entirely on product and technology development for their platform, and today they officially launched from stealth. The company is headed up by a team of serial entrepreneurs and technologists with a deep level of enterprise software experience in cognitive computing, big data, analytics, and service oriented architectures.
Matt Sanchez, formerly the leader of IBM Watson Labs, founded Cognitive Scale and brought on team members from other big organizations like IBM, Dell, Oracle, Perot Systems, and MIT. Currently, they’re privately funded by The Entrepreneurs’ Fund, a fund for early stage cognitive computing companies started by Manoj Saxena, the former general manager of IBM Watson.
According to Deloitte, the cognitive computing market in the US will continue to grow from its current $1 billion value to more than $50 billion by 2018. And as it stands Cognitive Scale is on track to close 2014 with revenue in the millions from high-value customer contracts.
“There are three jaw-dropping facts that limit the capabilities of Big Data. First is 55 percent of big data initiatives fail. Second is 70 to 80 percent of the world’s data is trapped in silos within and outside company walls with no secure and reliable way to access it. Third, valuable insights are lost because 80 percent of data is not machine readable; this is commonly referred to as dark data,” says Sanchez.
Cognitive Scale addresses these gaps through cognitive computing to help customers improve decision making, personalize consumer experiences, and create more profitable relationships.
“Given the massive amounts of data that accumulate every day, especially unstructured data, it’s clear that the ability to go beyond traditional Big Data analytics to solve real business issues remains both a challenge and a top priority for organizations today,” says Sue Feldman, CEO of industry analyst firm Synthexis. “If we are to solve the most critical problems in customer care, healthcare, in finance, in fraud or intelligence, we need platforms that can do the heavy lifting for the rest of us without having to develop them ourselves. That’s what Cognitive Scale has done.”
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