DataProphet, a South African-founded startup has completed a $10 million series A funding round led by Knife Capital and joined by South Africa’s IDC and Norican, the world’s largest metal surface preparation and finishing equipment provider.
The funding allows DataProphet to continue investing in its award-winning industrial AI product suite while enabling focused growth in certain countries and manufacturing verticals.
Knife Capital made its first investment in DataProphet through its KNF Ventures Section 12J funding vehicle in early 2018. This is the first investment made by Knife Fund III, a newly launched fund that supports African scale-ups’ international goals.
“Accelerating the international expansion of DataProphet, given the leading nature of its technology, is exactly the mandate of our new Fund – and it couldn’t be more fitting for our first investment to be a follow-on investment from our existing cohort,” says Keet van Zyl, co-founder and partner at Knife Capital.
Knife Capital’s Fund III is still open for investment and is backed by the International Finance Corporation, the Mineworkers Investment Company, the SA SME Fund and select family offices, and other credible financial institutions.
DataProphet positions industrials to evolve towards autonomous, energy-efficient production, optimizing manufacturing performance. Its flagship AI solution, PRESCRIBE, has helped customers around the world experience a significant and practical impact on the factory floor, reducing the cost of non-quality by an average of 40% and supporting manufacturers wherever they are on the digital adoption curve.
“I am excited about the continued support DataProphet has received from Knife Capital. Going forward, we will use this additional funding to continue to accelerate and expand into new markets, build new relationships that are aligned with our machine builder strategy, and further our global expansion. Another important pillar is bringing in top talent to build on this momentum,” adds Frans Cronjé, chief executive of DataProphet.
DataProphet, which has tripled its team since Knife Capital’s initial investment, has successfully built a recognized brand in the Advanced Manufacturing Analytics market on the back of the result it delivers. Its customer base has now expanded to the Americas, Europe, and Asia. With this funding behind it, the company’s growth will be further accelerated.