USAA invests in AI tech vendor CognitiveScale, implements its products
USAA invests in AI
USAA, a banking and insurance provider that focuses on the US military personnel and their families, has made a “strategic investment” in machine intelligence software vendor CognitiveScale.
Alongside USAA, other latest investors in CognitiveScale are Norwest Venture Partners, Intel Capital, Microsoft Ventures and The Westly Group. Together, they provided $15 million in funding to the artificial intelligence (AI) start-up, bringing the firm’s total to $50 million raised to-date.
CognitiveScale was set up in 2013 and is based in Austin, Texas.
It says that by implementing its AI products, USAA “will be able to provide its more than 12 million members predictive, data-driven banking and insurance services while learning continuously from user interactions and data”.
The CognitiveScale AI products, powered by its Cortex OS, will be deployed at USAA using its “unique 10-10-10 method”, the vendor says.
Businesses select and model their first cognitive system in ten hours, configure that system using their own data in ten days, and deploy it within ten weeks, CognitiveScale explains.
It cites research from IDC, which predicts the global cognitive systems spending market to grow to $47 billion by the end of 2020. Banking industry will account for 19% of the projected market spend.
