Cape Town-based tech startup secures $6-million funding
An award-winning AI manufacturing company and South African tech startup, DataProphet has raised $6-million in funding. The innovative tech startup aims to utilise the funding to expand internationally.
The funding will be used to expand DataProphets offering into the international market
The $6-million in funding was achieved from a Series-A funding round with Knife Capital joined by the Industrial Development Corporation of South Africa (IDC) and Norican Group, a leading foundry engineering and equipment company.
This is not the first time that the innovative AI tech startup has received venture capital from Knife Capital. In 2018, DataProphet received venture capital funding from Knife Capital to boost its innovation capabilities.
DataPropet aims to use the funding to strengthen and establish an international footprint and fast-track the strategy of growing with their strategic partners across various countries and industry verticals.
Frans Cronje, CEO, and Co-Founder of DataProphet expands on the startup’s plans to dive into the international market.
“South Africa will remain our engineering and operational hub as we have 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.”
Earlier this year a partnership between Norican and DataProphet was announced to accelerate the adoption of AI in the foundry industry. The partnership followed a number of joint innovation projects carried out with Norican brand DISA, one of the leading suppliers of green sand foundry technology.
Anders Wilhjelm, CEO of Norican Group explains that the product created by DataProphet will enable manufacturers to create products more sustainably.
“Applying AI to the foundry industry will reduce energy consumption, increase yield, and reduce waste. What started as commercial cooperation with DataProphet, developed into a partnership, and now we will also become a shareholder. We know foundries and how they work, DataProphet knows AI, so we are truly excited about what DataProphet and we can achieve together.”
DataProphet
Founded in 2014, DataProphet is a leader in artificial intelligence. Their innovative tech product enables manufacturers to utilise autonomous manufacturing and optimise their service offerings and production process.
The tailored service proactively prescribes changes to plant control plans to continuously optimize production without the expert human analysis that is typically required. DataProphet has been recognised by numerous forums including the World Economic Forum as a Technology Pioneer in 2019, and CBInsights as 1 of the Top 100 AI Startups globally
DataProphet is transforming from a South African startup to a global player.
“Supporting Manufacturers on their journey to augment the plant operators with clear holistic instruction from their data without building increased dependence on limited experts is a strategic rationale that has been reinforced by the effects of COVID-19. Through the application of our technology, every one of our clients has reduced non-quality products by more than 50%,” adds Cronje.
Source: https://ventureburn.com/2020/08/cape-town-based-tech-startup-secures-6-million-funding/
