Ben Peters, co-founder of the U.K.-based startup Cogna, has raised $15 million in funding to further his new venture: an AI platform aimed at automating enterprise software development. Peters, who previously co-founded the autonomous vehicle startup FiveAI (later acquired by Bosch in 2022), is focused on creating AI-driven solutions for enterprise resource planning (ERP) systems. The funding round was led by Notion Capital, with support from Hoxton Ventures and Chalfen Ventures. Earlier this year, Cogna also raised $4.75 million in a seed round, supported by notable investors like FiveAI co-founder Stan Boland and Acorn Software founder Herman Hauser.
Cogna’s platform addresses ERP needs, a crucial but often complex area of software for managing essential business processes such as supply chains, finance, human resources, and inventory. Many companies spend heavily on consulting services to customize ERP software, often requiring tailored solutions. Cogna’s approach offers a unique solution: its AI platform creates custom, precision-built software that fits specific business needs without the lengthy and costly process typically associated with ERP system customization.
Peters explains that Cogna’s customers don’t view it as traditional ERP software. Instead, they receive a custom-built software-as-a-service (SaaS) application designed to meet their unique operational requirements, developed largely through AI. Early clients include Cadent Gas and Network Plus, which have adopted Cogna’s software to address specific workflow needs beyond the capabilities of traditional ERP providers like SAP.
Cogna’s AI integrates generative AI and other specialized tools, allowing non-technical users to describe their needs in plain language while the AI develops tailored software. Peters describes his team as experts in domain-specific languages, compilers, and scalable SaaS for enterprise use. The platform’s “Natural Language Compiler” utilizes language models from providers like OpenAI and Anthropic, enabling Cogna’s software to respond effectively to varied user requests.
Hussein Kanji, co-founder of Hoxton Ventures, highlights that Cogna’s technology is designed to allow the software to "write itself," signaling a major shift in how enterprise software could be developed. The trend of generative AI entering enterprise-level applications has accelerated, with companies like OpenAI also aiming to enter this lucrative market.
Cogna’s approach mirrors the rising interest in automated code generation, comparable to tools like Anysphere’s Cursor. As AI technology progresses, Cogna’s work illustrates a broader trend in applying generative AI for complex, customized enterprise solutions.
Peters’ background with FiveAI, where he adapted to shifts in the autonomous vehicle market, has prepared him to lead Cogna in the fast-evolving AI landscape. As the company competes with established IT consultancies like Wipro and CapGemini, Cogna’s AI-powered solution could redefine the ERP space by reducing the time and cost involved in creating specialized enterprise software.
This funding round marks Hoxton Ventures’ first investment led by its newest partner, Bryan Gartner, formerly of Khosla Ventures.
