Cardinality raises $12.5m Series B financing to expand market coverage, accelerate growth
Cardinality.ai, a government-technology focused AI SaaS solution provider, announced a $12.5 million Series B investment led by Boathouse Capital, along with other investors. This significant capital raise will accelerate Cardinality's ability to meet the growing demand in the public sector for modern and secure technologies.
Boathouse Capital is a Philadelphia-based private equity firm with $650 million of capital under management. Boathouse invests in high-growth companies including SaaS/software and technology-enabled services businesses. Their sector focused investment strategy is centered around partnering with founders and management teams to create enduring value and helping position companies for accelerated growth. In addition to their investment, Boathouse joins Cardinality's Board of Directors and offers significant strategic value in go-to-market acceleration and future M&A support.
Thiag Loganathan, CEO and Co-founder, Cardinality: "This is an exciting day for the employees of Cardinality, the partners we work with, and the customers we serve. With Boathouse's investment, Cardinality has raised $26 million in funding over the past two years and reinvested other assets that approach $100 million in total commitment to fulfilling our vision. The recent round will be used for accelerating innovation and expanding go-to-market efforts of our built-for-government AI SaaS solutions personalizing citizen outcomes."
Since its SaaS product launch in 2020, Cardinality.ai has experienced significant national demand and today has earned five states as clients, across eleven agencies. Named a GovTech100 company by Government Technology magazine over four consecutive years, Cardinality's solutions serve 23 million+ US constituents.
Shivam Patel, Principal, Boathouse Capital: "We are thrilled to announce our latest investment in Cardinality.ai. With its modern software architecture and AI/ML capabilities, Cardinality has made significant strides in helping transform state-level health and human services departments to operate more efficiently and better address the needs of the most vulnerable and at-risk individuals. We believe that the Company's impressive track record combined with its talented team and commitment to innovation positions Cardinality for continued success. We look forward to working closely with the Cardinality team to continue creating purpose-built SaaS solutions for the government."