05 Jun AI Game changer Hypergiant announces new funding; continues meteoric growth
Exciting funding news from a popular Lone Star startup that has solidly been making major moves since its debut last year.
Hypergiant Industries today announced it has secured funding from Sumitomo Corporation of Americas (“SCOA”) and Dallas-based Perot Jain. The investment comes as the company sustains an unprecedented stretch of growth in an industry on track to make a trillion dollar impact globally by 2030 according to McKinsey.
With an integrated approach of AI products and services, Hypergiant helps major institutions innovate with breakthrough machine intelligence-driven technology and is on pace to be one of the fastest technology companies to reach $100M in realized revenue. Hypergiant’s business focuses on industrial applications of AI, where early adoption and ROI has outpaced most other sectors and generates a disproportionate amount of AI total economic value.
Since the company’s launch in 2018, Hypergiant has deployed solutions and products for dozens of customers across the oil and gas, manufacturing, automotive, aerospace, healthcare and government sectors. First year clients include Schlumberger, GE, Bosch, TGI Friday’s, Shell, Chesapeake Energy and the Department of Homeland Security to name a few.
Hypergiant’s business focuses on industrial applications of AI, where early adoption and ROI has outpaced most other sectors and generates a disproportionate amount of AI total economic value.
The company has grown to over 160 people, opened 3 offices in Austin, Dallas and Houston, and completed three acquisitions including SEOPS and Black Pixel. In that same time, the startup launched three companies under Hypergiant Industries including Hypergiant Space Age Solutions, Hypergiant Sensory Sciences and Hypergiant Galactic Systems.
“We are thrilled to have the support and backing from both of the international industrial giants, Sumitomo Corporation of Americas and Perot,” said Ben Lamm, CEO and co-founder of Hypergiant. “This investment not only affirms Hypergiant’s success to date, but further fuels the next chapter of our growth through additional expansions in critical infrastructure both domestically and internationally.”
ABOUT THE FUNDING
SCOA, the largest subsidiary of Sumitomo Corporation, is one of the world’s leading traders of goods and services. As an integrated business enterprise, the Sumitomo Corporation has emerged as a major organizer of multinational projects, an expediter of ideas, an important international investor and financier, and a powerful force for distribution of products and global communications through a network of offices worldwide.
Today’s announcement confirms SCOA’s ongoing commitment to investing in advanced intelligent technologies. The partnership with Hypergiant Industries will accelerate AI-driven innovation initiatives across the Sumitomo Corporation Group’s 900+ subsidiaries and associated companies, while fueling ongoing growth for all of Hypergiant.
Perot Jain is no stranger to innovation and entrepreneurship. The Dallas venture capital firm has made technology investments spanning real estate, mobility, manufacturing, logistics and healthcare. The common thread has always been a focus on long-term investments that create long-term value.
“Hypergiant has an opportunity to build a market-dominating company that is fueled by machine intelligent technologies,” said Ross Perot Jr., Chairman of the Perot Companies. “We backed Ben and his team because they have demonstrated an unbelievable capacity to execute in a very short period of time. We are confident Hypergiant will continue to execute on its vision and be an industry-defining AI company.”
Notable additional investors in this round also include Align Capital, Tom Meredith, former CFO of Dell and Steve Adler, mayor of Austin, Texas.