Cognosos today announced it has raised a growth round from Riverwood Capital with an initial primary investment of $25 million to solidify its position as the leader of intelligent asset tracking. Many of the world’s most recognizable brands–including the largest automobile manufacturers and healthcare providers–use Cognosos’ real-time location services (RTLS) and process optimization software platform to track their assets’ movements, improve their operational visibility, and maximize productivity safely.
Healthcare and automotive manufacturing are among the top industries driving the US economy, and both are experiencing margin pressure due mainly to higher costs for labor and supplies. To address this, businesses in these critical categories are turning to Cognosos’ RTLS technology and process optimization software to improve asset visibility and garner insights that drive greater efficiency, improving customer and employee experiences alike. Cognosos’ patented wireless networking technology and AI-powered location engine drastically reduces deployment timelines enabling enterprises to implement highly accurate, real-time asset visibility in a fraction of the time required for legacy RTLS solutions. In 2022 alone, Cognosos tracked over 37 million asset movements for its customers (with applications in finished vehicle logistics, yard management and hospital asset tracking/orchestration).
This new investment will be used to expedite growth and momentum across all parts of the business. Cognosos will continue to recruit and hire top talent in every department, while significantly expanding its go-to-market efforts in automotive, healthcare and logistics categories as well as new segments. In addition, funds will be used to accelerate the development and deployment of platform enhancements and complementary offerings that will provide customers with even deeper operational insights that can be used to meet their ongoing efficiency goals. Riverwood Capital’s Joe De Pinho and Eric Ma will join the Cognosos Board of Directors.
“Cognosos’ proprietary technology and AI-powered location software platform is allowing customers to take an entirely new approach to asset tracking and process optimization, allowing them to do more with less and make smarter, faster, and better business decisions,” said Francisco Alvarez-Demalde, Co-Founder and Managing Partner, Riverwood Capital. “We are impressed with the Cognosos team, their unique technology and are excited to partner with them on the next phase of growth. The Company’s offering has a superior total cost of ownership and simpler deployment while maintaining industry leading accuracy. Logistics and processes’ optimization are taken to a new level, compared with legacy solutions,” he added.
Cognosos is already working with some of the biggest organizations in healthcare and manufacturing and is seeing demand for its unique technology and software platform with new customers at a record pace. The company’s combined hardware, artificial intelligence powered software, and analytics solution delivers highly accurate asset tracking capabilities without the need of costly infrastructure, a significant departure from legacy products that are hardware-centric, less reliable, and require frequent maintenance.
“Business leaders can’t afford to take hits to their bottom line just because they don’t know where things are, but historically the large total cost of ownership has made the investment in an RTLS solution unfeasible,” said Braxton Jarratt, CEO of Cognosos. “Our lightweight architecture and AI-powered location engine are game-changers, drastically reducing costs and installation timelines, and making RTLS a very attractive investment. With our technology, customers are transforming and optimizing their operations with a greater level of insights and seeing meaningful savings and efficiency while they do it.”
Cognosos’ patented approach to RTLS combines Bluetooth Low Energy with AI, and proprietary long-range wireless networking technology to achieve breakthroughs in cost, performance and accuracy. The result: an ultra-lightweight footprint with minimal infrastructure that enables high-confidence asset location accuracy, and actionable insights that produce a measurable, hard-dollar, financial return.
In addition to being voted one of the best places to work in 2022 by Atlanta Business Chronicle, the company was recently honored with the gold placement at 2022 Merit Healthcare Awards, the 2022 IoT Platforms Leadership Award from IoT Evolution and the gold placement for 2023 Merit Automotive and Transportation Awards.
About Cognosos
Cognosos is paving the way for the next generation of real-time location systems (RTLS). Supporting the biggest brands in industries like healthcare, automotive, logistics and manufacturing. Cognosos’ cloud-based software, and ultra-lightweight footprint delivers an unparalleled combination of price and performance, reducing time-to-value, increasing ROI and eliminating the traditional deployment barriers of legacy systems. For more information, visit our website or follow us on Twitter and LinkedIn.
About Riverwood Capital
Riverwood Capital invests in high-growth companies in the technology and technology-enabled industries. Riverwood offers a unique combination of operational, strategic, technology, and financial insight to portfolio companies that typically need growth capital and expertise to scale on a global basis. The firm seeks to invest in established businesses with a proven technology and business model, and the proper fit in terms of culture and values. Riverwood was founded in 2008, and had the opportunity to invest in and support over 70 companies since inception, which have grown revenues at 47% per year on average during that period. The Firm has offices in Menlo Park, CA; Miami, FL; New York, NY; and São Paulo, Brazil.
