SAN FRANCISCO, CALIF., & LYON, FRANCE — June 15, 2017— Cosmo Tech, a leading provider of decision management solutions that augment intelligence by combining human expertise with complex systems modeling, today announced it has raised $3 million in a follow-on round. The round was led by returning investor Sofimac Partners, and includes additional participation from new investor BNP Paribas Développement and existing investor Aster Capital. With the new round, Cosmo Tech has raised $8.2 million in total funding since 2014.
Cosmo Tech is at the forefront of the new field of Augmented Intelligence, a collection of technologies purposefully built to combine human and machine intelligence, and in doing so, exceed the bounds of both. Cosmo Tech provides decision management solutions that bring this higher order intelligence to decision makers by combining human expertise with complex modeling, then simulating all the various scenarios that arise.
Cosmo Tech’s decision management solution provides insights into both emergent phenomena – new behaviors or scenarios that arise from the interactions of different systems – as well as cascading effects – the ripple effects of a single decision throughout a connected, complex system. Cosmo Tech’s offering provides clarity beyond any data solution, including big data, because it relies on the combination of human expertise and complex systems modeling, as opposed to historic data, to derive insights. Unlike Artificial Intelligence, Augmented Intelligence doesn’t replicate the human brain at greater scale or with more data, but rather, combines the expertise of multiple humans to uncover insights no human brain could identify on its own.
“I tell clients that what we do isn’t magic, it’s deep science coupled with incredibly advanced technology,” said Michel Morvan, co-founder and Executive Chairman of Cosmo Tech and CEO of Cosmo Tech USA. “But the power of what we do – providing a holistic view of the global interactions of your decisions and the likelihood of certain events happening, even ones never seen before – that can feel like magic.”
Cosmo Tech Independent Board Member and former head of marketing at Oracle, André Boisvert, is bullish about Cosmo Tech’s Augmented Intelligence technology ability to revolutionize information management.
“Relational Data Base Management Systems (RDBMS) were revolutionary at the time of their inception because they allowed application developers to draw links between formerly siloed data points. Though RDBMS will continue to play an important role in the digital world, the requirement to model relationships and extrapolate valuable insights across multiple complex siloed systems, many which were built using a RDBMS, is quickly emerging. I believe that Cosmo Tech is uniquely positioned to address this game changing requirement.”
As part of today’s announcement, Cosmo Tech also unveiled a new brand and name. Cosmo Tech got its start in France in 2010 as The CoSMo Company, raising a $5.2M Series A round in 2014 from Aster Capital, Sofimac Partners and Crédit Agricole. Since this Series A round, the company has doubled its revenue each year, year-over-year, adding new customers such as Alstom, GE, RTE, EDF and Sanofi Pasteur. The company has received widespread industry recognition, including being named a Gartner Cool Vendor for Data Science in 2016, winning the EY-Syntec Prize as France’s Most Innovative Software Developer in 2016, and being named to the Red Herring 100 in both Europe and the United States in 2017.
Major utilities and transit companies in Europe including RTE and Alstom already leverage Cosmo Tech’s Asset Investment Optimization solutions to plan for the future and save tens of millions of dollars annually. But Cosmo Tech’s unique platform has applications for any industry where complex organizations need insight into the cascading effects of their decisions.
“The potential to take the interest and success we’ve found in Europe to the global market is enormous,” said Hugues de Bantel, co-founder and CEO of Cosmo Tech. “From planning for epidemics to optimizing a smart city, executives in every field can augment their own intelligence, and in doing so, gain a new level of understanding into the impact their decisions will have throughout the business.”