AI-powered sales software platform Cognism has raised $10m in funding.

The latest round, a Series B, brings the total funding raised by the London firm to just over $16.5m.

The round was led by New York-based PeakSpan Capital.

Founded in 2016 by CEO James Isilay, an expert in algorithmic technologies, natural language processing and machine learning, alongside CTO Stjepan Buljat, the firm has seen rapid growth since raising initial funding in 2017, with annual recurring growth (ARR) of over 400 per cent in 2018.

The company aims to help sales and business development professionals by fighting out-of-date data through AI.

The firm said it takes a scientific approach to finding business leads and prospects with its Revenue AI software.

It will use the funds to open offices in Boston, North America and Singapore, and improve its AI by expanding its machine learning team.

“This past year we have grown ARR by over 4 times,” said Isilay.

“These new funds from PeakSpan mark the beginning of an exciting expansion for Cognism, giving us the resources to expand globally.

“Having already won significant business remotely in Asia and North America, we will now open local offices to serve the demand.

Matt Melymuka, co-founder and Partner at PeakSpan, added: “Cognism’s pragmatic application of AI, which underpins the whole solution suite, is paving the way for a new category focused on turning disparate data points into coordinated insights to drive predictive and prescriptive lead generation and improve conversion across all engagements.”