Beyond Limits, an industrial and enterprise-grade AI technology company, has successfully raised $133 million in Series C investment.
The company, which focuses on demanding sectors such as energy, utilities and healthcare, says the investment will help to drive the global expansion of AI technology.
This round was led by Group 42, an AI and cloud computing company, and bp ventures, an existing two-time investor and customer of the company.
Beyond Limits Cognitive AI applies human-like reasoning to solve problems, much like how humans form conclusions using inference and logic, the company states.
This 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.
As a result, Beyond Limits customers are reportedly able to improve operational insights, operating conditions, performance, and profits as a result.
The company states the funding will be used to expand Beyond Limits business both in the United States and abroad, including the launch of Beyond Limits Asia, with regional headquarters in Singapore and operations in Hong Kong, Taipei and Tokyo and further expansion across Europe, the Middle East, Africa and Asia.
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, the company states.
The funding will also accelerate Beyond Limits Cognitive AI application development and SaaS product portfolio and fuel the Beyond Labs R&D program, according to the company.
Beyond Limits CEO and founder AJ Abdallat says, “Today we are seeing unprecedented, worldwide 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.”
Top investors commented on the announcement.
bp senior vice president of Digital Science and Engineering, Morag Watson, says, “bp ventures was 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 industry as a whole.”
Group 42 general counsel Martin Edelman says, “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.”