$9m raised to develop process-based AI solution
Based in Israel, Seebo has announced the completion of a $9 million funding round, led by Ofek Ventures, with the participation of Vertex Ventures, and existing investors Viola Ventures and TPY Capital.
The company will use the funding to further expand its global reach and continue enhancing its process-based artificial intelligence (AI) solution. The solution enables manufacturers to predict and prevent production losses and master complex production processes, which is designed to save costs for users.
There is a growing demand for the company’s AI solution, as manufacturers seek new ways to prevent losses and optimise their processes. Current users include Nestlé, Barilla, Mondelēz, Allnex and the Volkswagen Group.
Ofek Ventures partner Itay Rand said he was excited to be investing in the company. “Manufacturers today understand that in order to compete successfully they must adopt effective process optimisation capabilities, and there is a clear recognition that industrial artificial intelligence and a data-driven approach is fundamental to achieving that goal,” he said.
According to Lior Akavia, Seebo CEO and Co-Founder, in order to prevent losses and continuously master complex production processes, manufacturers need a technological solution that understands the unique complexity of the production lines, is scalable across various manufacturing lines and is easy for production teams to use.
The coronavirus (COVID-19) pandemic has also changed the face of manufacturing, with companies having to adapt to shifting customer demand. Manufacturers have faced supply chain disruptions, implemented new regulations for employees and moved towards optimisation of remote processes.
“The coronavirus pandemic has spurred a search for more efficient, effective ways to identify and prevent process inefficiencies overall — which lies at the heart of what Seebo does. Data-driven decision-making is critical in our new reality, as manufacturers must adapt quickly and implement changes effectively. Those manufacturers who meet this challenge today will gain a competitive edge in tomorrow’s marketplace,” Akavia said.
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