Cognitionx Ltd (09646615): administration
- Status
- Administration ended
- Administration began
- 2022-09-29
- Administrators
- Louise Longley, Julian Pitts
- Administrators' firm
- Begbies Traynor
- Formerly
- TA Labs Ltd
- Incorporated
- 2015-06-18
- Location
- Leeds
- Industry
- 82990 Other business support service activities n.e.c.
Why it went into administration
- HMRC / tax arrears
- Sustained trading losses
- COVID-19
- Creditor pressure / legal action
From the administrators' statement
The Company was founded in June 2015 by Charles Muirhead with the name TA Labs Ltd and subsequently changed its name on 22 December 2015 to CognitionX Ltd. The Company was founded to provide clarity to the complex world of artificial intelligence, ensure its safe and responsible deployment and that the benefits flow to everyone. Charles Muirhead has previously founded many technology companies, two of which have gone public on the UK stock market.
In 2016 the Company raised a Seed Enterprise Investment Scheme (“SEIS”) funding round, started a daily news letter entitled “All things Al’ and hosted weekly round table dinners on the topic of “The impact of Al’ and started development of a wiki of Al products, services, data and experts.
in June 2017, the Company hosted its first major event “CogX, the impact of Al on Industry, Government and Society” which was attended by over 1,000 people to hear from 200 speakers and raised over £500,000 in sponsorship but was loss making. The Company raised funding of over £5m for development of its software platform and the Company subsequently signed software trial subscriptions with multiple Fortune 500 clients but unfortunately the trials stalled as existing research companies competed aggressively for the market.
Administrators' statement of proposals (2022-12-05) · Companies House register