South Africa based Artificial Intelligence (AI) start-up, DataProphet which provide manufacturers with operations autonomy has announced on 25th August, 2020, that it has bagged USD 6M in series A financing round. The funds will be utilized to expand internationally.
The company has previously secured VC funding from Yellow Wood Capital in the year 2016, before a further investment from Knife Capital in the year 2018. Knife Capital is a follow-on investor in this latest round of USD 6 million that also features the Industrial Development Corporation of South Africa (IDC) and Norican Group, a leading foundry engineering and equipment company.
The latest investment will fast-track the strategy of growing through with their strategic partners across industry verticals and geography. It will also utilize to strengthen the operational footprint of DataProphet.
Commenting on the investment, CEO of Norican Group, Anders Wilhielm, said, “Applying AI to the foundry industry will reduce energy consumption, increase yield and reduce waste. What started as a commercial cooperation with DataProphet, developed into a partnership and now we will also become a shareholder.”
Founded in the year 2014 by two friends from University of Cape Town, Daniel Schwartzkopff and Frans Cronje who decided to utilize their knowledge of AI in making their own business. That business has developed into an impressive one. DataProphet PRESCRIBE, proactively prescribing changes to a manufacturing plant’s control plans to continuously optimize production without the expert human analysis that is typically required.
Frans Cronje, CEO and co-founder of DataProphet, explained, South Africa would remain the startup’s operational and engineering hub, as it provided access to great talent.
“DataProphet however, is an international business, with hubs located around the world. This funding round will enable DataProphet to develop locally located sales and support for customers and partners across the world,” he further said.
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 start-up, DataProphet which provide manufacturers with operations autonomy has announced on 25th August, 2020, that it has bagged USD 6M in series A financing round.){kind=link}