Beyond Limit, a California-U.S industrial and enterprise-grade AI technology startup has announced it has raised US$113 million in a Series C round in a press statement.
The funding round was led by Group 42 and BP Ventures and saw participation from existing investor BP Ventures.
The company will invest the fresh funds in strategies to expand its services further into the US, Europe, Middle East, Africa and Asia. The startup will use part of the funds to establish a headquarters in Singapore operations in Hong Kong, Taipei and Tokyo.
Beyond Limits’ Cognitive AI applies human-like reasoning to solve problems, just like how humans form conclusions using inference and logic.
“Today we are seeing unprecedented, world-wide demand for systems that go beyond the limitations of conventional AI. Our cognitive software has the ability to understand situations and place problems in real-world contexts as well as to learn over time. We’re excited to help more customers by applying our unique and powerful AI approach to solve some of the toughest problems facing industries and the world today,” AJ Abdallat, CEO and Founder of Beyond Limits.
“bp ventures were established to identify and invest in high-potential, game-changing technology companies that can help us reimagine our global energy system. 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 the industry as a whole” Said, Morag Watson, Senior Vice President, Digital Science and Engineering at BP.
Martin Edelman, General Counsel, Group 42 commenting on the deal said, “We look forward to working together and exploring the many capabilities of this advanced technology. We believe Beyond Limits’ unique AI will bring new levels of efficiency to high-impact sectors and help drive future economic growth.”