Group 42 has joined existing shareholder BP Ventures to co-lead a series C round for Caltech and Nasa spinout Beyond Limits, with $113m already closed and another $20m committed.
US-based artificial intelligence (AI) technology developer Beyond Limits attracted $133m in series B financing yesterday co-led by cloud computing firm Group 42 and petroleum company BP’s corporate venturing arm BP Ventures.
The company has received an initial $113m already, with the remaining $20m committed.
Beyond Limits has developed cognitive AI technology that combines human-like reasoning with data to solve challenges and offer insights into improving operating conditions and enhancing business performance.
The technology is based on research at California Institute of Technolgoy and its federally-funded, Nasa-aligned Jet Propulsion Laboratory.
The series B capital will serve to expand the spinout’s business domestically and internationally, including the launch of Beyond Limits Asia with regional headquarters in Singapore. The money will also accelerate application development and R&D activities.
Morag Watson, senior vice-president, digital science and engineering, at BP, said: “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.”
BP Ventures previously supplied $20m in series B funding in 2017. Beyond Limits has not confirmed details about its earlier financing, but described BP Ventures as a “two-time investor” as of its latest round.
The original version of this article appeared on our sister site, Global University Venturing.
