Article Published: February 26, 2016
Article Published: February 26, 2016
Cognistx™, a newly formed applied technology company that utilizes complex thinking algorithms to curate meaningful consumer offers from massive amounts of data, has received a $700,000 SBA loan from Huntington Bank. In addition to innovation development, the loan will support funding of high-tech job creation for Cognistx Technology hub in Pittsburgh, adding up to 10 positions to region by end of 2016.
Cognistx founders Sanjay Chopra, Eric Nyberg, and Jeffrey Battin each have a strong connection to the Pittsburgh area. Nyberg, a tenured professor and world-renowned Data Scientist and Chopra, an adjunct professor, both teach at Carnegie Mellon University; while Battin is a former Pittsburgh Ad-Tech entrepreneur and INC 500 Award winner.
“The Genesis of Intelligent Marketing is here and we are pleased to secure financing to lead significant consumer adoption towards a dramatic shift in customer relevance” said Sanjay Chopra, CEO of Cognistx, which has recently merged with InPhome to create a more robust powerful offering. “Our proprietary technology will shift the paradigm of customer loyalty and empower retailers with significant consumer insight to talk to an audience of one. This creates enormous marketing efficiencies by deploying complex algorithms that examine and discern the subtle nuances of massive digital customer DNA so that perfect offers can be presented at the perfect time to maximize customer value and get rid of wasteful ad spending.”
Chopra explained, “Huntington brought exceptional resources, knowledge and personnel to make this financing happen.”
“We are pleased through our SBA expertise to fund the cutting edge technology of Cognistx to help make innovative ideas come to life and provide added employment in Pittsburgh,” said Susie Shipley, president for Huntington Bank in Western Pennsylvania and the Ohio Valley “Huntington is committed to supporting companies like Cognistx and their growth in the community as a key way to strengthen local economies in our market.”
Cognistx applies cognitive technologies to solve complex enterprise problems. Included are Big Data Analytics; natural language processing, a form of artificial intelligence; and cognitive “self-learning” algorithms, which get smarter with each customer engagement. The company offers two distinct product lines: SmartCognitives™ a Media Curation System, and AVA, or Advanced Voice Analytics.
SmartCognitives media platform with machine-learning algorithms ingests and synthesizes massive amounts of customer data, learns user preferences and behaviors to deliver transformational customer experiences that create “Mobile Moments of Serendipity™”. The intelligent curation system automates marketing by enabling algorithms to make decisions on content delivery. These decisions are based upon rules created by each retailer. The process creates tremendous efficiencies and lower consumer prices.
Under the guidance of Florian Metze, PhD., a world-renowned speech expert at Carnegie Mellon University, the company’s AVA product translates voice data into text in a matter of microseconds, allowing for real-time processing and greater efficiency at call centers. AVA is currently being developed to help call centers confirm addresses where service is available and to evaluate agents’ performance.
Cognistx has a technology hub in Pittsburgh and operations office in the Innovation Quarter in Winston-Salem, NC, and Raleigh. Company co-founders include Sanjay Chopra, a serial technology entrepreneur; Eric Nyberg, professor at Carnegie Mellon University’s School of Computer Science, who consulted with IBM on the Watson project and Jeffrey Battin, former Ad-Tech entrepreneur. Other partners include Florian Metze, PhD., world-renowned speech expert at Carnegie Mellon University; Jill Zoria, SVP Enterprise Development; Pete Minnelli, SVP Creative; and Karen Barnes, SVP Operations.