CerraCap Ventures, a Global Venture Capital fund headquartered in Costa Mesa, California, USA, today announced acquisition of its portfolio company Nirveda Cognition by Jiddu Inc for an all-stock deal. The transaction is one of a slew of recent exits from CerraCap’s investment fund.
Nirveda Cognition, a B2B Enterprise AI company, was founded on the core belief that unprecedented problems require unprecedented solutions, and technologies like AI should be democratized to benefit everyone, not just a privileged few. Nirveda Cognition’s motto of “Reshaping the Future of Work” thrives on removing any potential barrier to Enterprise AI adoption and making AI within reach of every facet of an enterprise; thereby enabling enterprises to make data-driven decisions, faster and smarter. Nirveda Cognition’s Enterprise Document Intelligence Platform, along with the suite of AI products, excels at reimagining, automating, and enhancing the document intensive business processes by leveraging the power of Decision Insights through Cognitive Automation with a conscious focus on human-centered-user-experience.
Jiddu is the parent company of AgTech industry disruptor, AgShift, an AI based food technology company working on designing the world’s most advanced autonomous food inspection system. The current food quality assessment processes are paper-based and extensively manual, many times leading to inconsistent and subjective outcomes that result in losses in the range of USD 15~16 billion annually. AgShift’s solution augments manual inspections, thereby reducing the human fatigue of inspectors doing high volume of inspections daily. This results in objective, consistent, and standardized food quality assessments across the organization, every single time, thereby saving organizations millions of dollars in recovery costs, claims management and loss of brand reputation due to inconsistent food quality. Jiddu’s mission is to draw synergies across industries and make AI-first approach an integral part of our everyday lives.
“Nirveda Cognition is going to be a fantastic addition to Jiddu’s portfolio of companies. We are excited to see Nirveda Cognition’s AI platform, and their talented engineering team becoming a part of Jiddu’s ecosystem to advance AgShift’s growth further. This acquisition is yet another feather in the cap for CerraCap’s Sales & Scale™ business model,” said Saurabh Ranjan, Founder and Chief Executive Officer, CerraCap Ventures.
“We are pleased to become a part of Jiddu and look forward to an exciting journey together,” commented Abhi Mukherjee, Co-Founder and Chief Strategy Officer, Nirveda Cognition. “Nirveda Cognition & AgShift have a common vision of amplifying AI’s cause to elevate, not replace, humans. This strategic partnership is in line with Jiddu’s continued efforts to strengthen its presence in the arena of Artificial Intelligence and formulate industry solutions that categorically drive holistic business transformation for organizations.”
“We believe that the proven Nirveda Cognition’s Enterprise Document Intelligence platform, coupled with AgShift’s deep understanding of domain and delivery, will truly make the recipe for a formidable team. The assets built under Nirveda Cognition will continue to fuel the momentum of innovation and growth at AgShift. Given the increased market traction of AgShift, it needed a robust AI Platform like Nirveda Cognition to expand its offerings to become a dominant player in the AgTech space,” added Naveen Tiwary, Chief Strategy Officer and Board Member, Jiddu.