Cardinality Raises $12.5M in Series B Financing to Expand Market Coverage and Accelerate Growth

Cardinality.ai's vision is to enable policy leaders and government agencies to be data-driven with AI SaaS solutions to improve outcomes for vulnerable populations.

GAITHERSBURG, Md., April 13, 2023 /PRNewswire/ -- Cardinality.ai, a government-technology focused AI SaaS solution provider, today 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.

"This is an exciting day for the employees of Cardinality, the partners we work with, and the customers we serve," said Thiag Loganathan, Cardinality's CEO and Co-Founder. "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 23M+ US constituents.

Shivam Patel, Principal at Boathouse Capital remarked, "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."

About Cardinality

Cardinality is a data technology group helping government agencies achieve better outcomes by eliminating friction and improving the experience of citizens and government workers using Artificial Intelligence (AI) SaaS Solutions. Founded in 2017 by four serial entrepreneurs and a team of data specialists, the company has one goal: impact a billion lives. And it's already on its way—Cardinality solutions are being used by multiple agencies in the states of Indiana and Maryland. The company's suite of solutions was built specifically for workforce, health, and human services leveraging modern AI Case Management, CRM, ERP, Cardy AI, and Low-Code platform, so that agencies can modernize existing systems up to 50% faster than other low-code platforms and 200% faster than custom or unproven solutions.

Cardinality has been recognized as a GovTech 100 company in 2020, 2021, and 2022 and as the SaaSBOOMi vertical SaaS startup of 2020. For more information, please visit www.Cardinality.ai.

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