LOS ANGELES, Sept. 22, 2020 (GLOBE NEWSWIRE) — Beyond Limits, an industrial and enterprise-grade AI technology company built for the most demanding sectors, including energy, utilities and healthcare, today announced a milestone Series C funding round with $113 million closed and another approximately $20 million committed. This round is led by Group 42, a prominent AI and cloud computing company, and bp ventures, an existing two-time investor and customer of the company.
“Today we are seeing unprecedented, world-wide demand for systems that go beyond the limitations of conventional AI,” said AJ Abdallat, CEO and Founder of Beyond Limits. “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.”
Beyond Limits’ Cognitive AI applies human-like reasoning to solve problems, much like how humans form conclusions using inference and logic. This unique 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 able to elevate operational insights, improve operating conditions, enhance performance at every level, and ultimately increase profits as a result.
“bp ventures was established to identify and invest in high-potential, game-changing technology companies that can help us reimagine our global energy system,” said Morag Watson, Senior Vice President, Digital Science and Engineering at bp. “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.”
“We look forward to working together and exploring the many capabilities of this advanced technology,” said Martin Edelman, General Counsel, Group 42. “We believe Beyond Limits’ unique AI will bring new levels of efficiency to high-impact sectors and help drive future economic growth.”
The $133M 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 the Taiwan office. The funding will also accelerate Beyond Limits’ Cognitive AI application development and SaaS product portfolio and fuel the Beyond Labs R&D program.
About Beyond Limits
Beyond Limits is an industrial and enterprise-grade artificial intelligence company built for the most demanding sectors including energy, utilities, and healthcare. Founded in 2014, Beyond Limits leverages a significant investment portfolio of advanced technology developed at Caltech’s Jet Propulsion Laboratory for NASA space missions.
Beyond traditional artificial intelligence, Beyond Limits’ unique Cognitive AI technology combines numeric techniques like machine learning with knowledge-based reasoning to produce actionable intelligence.
Customers implement Beyond Limits AI to drastically boost operational insights, improve operating conditions, enhance performance at every level, and ultimately increase profits as a result. The company was recently honored by CB Insights on their 2020 List of Top AI 100 most innovative artificial intelligence startups and by Frost & Sullivan for their North American Technology Innovation Award.
For more information, please visit www.beyond.ai.
About bp ventures
bp ventures was set up more than 10 years ago to identify and invest in private, high growth, game-changing technology companies, accelerating innovation across the entire energy spectrum. Since then, BP has invested almost $700 million in technology companies across more than 31 active investments with more than 250 co-investors.
Venturing plays a key role in BP’s strategy to tackle the dual challenge of meeting the world’s need for more energy, while at the same time reducing carbon emissions.
bp ventures focuses on connecting and growing new energy business, focused on our core upstream, downstream and alternative energy businesses. In addition, it makes strategic equity investments in advanced mobility, low carbon and digital.
For more information visit: bp.com/ventures
About Group 42
Group 42 (G42) is a leading Artificial Intelligence and Cloud Computing company dedicated to the development and implementation of holistic and scalable technology solutions. https://g42.ai
LEWIS for Beyond Limits