DataProphet, Based in South Africa, Receives $10 Million to Expand its AI-as-a-Service Solution
- Artificial IntelligenceTech News
- August 11, 2022
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DataProphet, a startup providing AI software as a service in the manufacturing sector to help automate manufacturing processes and address inefficiencies in the manufacturing process, has completed its $10 million Series A funding round. Dollars. Knife Capital led the Series A funding round with participation from IDC in South Africa and Norican, one of the world’s largest providers of metal surface finishing and processing equipment.
The company was founded by Frans Krone and Daniel Schwarzkopf in 2017 and is focused on providing end-to-end descriptive artificial intelligence to manufacturing plants to improve their operations. Basically, what DataProphet does is provide practical advice and suggest changes to manufacturers’ plans, helping them avoid making mistakes that cause defects that lead to their products being canceled or reformulated.
The company’s innovative artificial intelligence solution called PRESCRIBE has been shown to have a significant and practical impact on manufacturing processes, reducing costs by an average of 40 percent. The company also has a range of other products, such as its CONNECT, which enables manufacturers to augment their data infrastructure and bring data from where they have been using it for compliance in the manufacturing space to a point that they can use for improvement.
According to its CEO with a certification in management consulting and statistics, DataProphet uses a hands-on approach: This system allows it to constantly monitor data streams and use it to provide advice and feedback while ensuring clients comply.
In cases where clients do not follow the advice given, DataProphet engages with their clients to understand their concerns and look from their point of view. “Typically when we talk about reducing defects, scrap, or rework on average we do about a 40% reduction when a customer follows our advice. It’s a great application of AI and manufacturing because it’s a deep application of theory to achieve a practical and significant impact for our customers and their returns”, said the CEO of France Crone.
Dataprophet Receives 10 Million to Expand its AI
DataProphet currently operates a team of 50 people who serve clients in various fields, but mainly in sectors such as semiconductors, rubber, foundry, automotive industries, etc. These clients operate in countries such as China, Japan, the United States, India, and the home country of South Africa.
The company’s competitors include Braincube and Seebo. Speaking about what sets DataProphet apart from its competitors, CEO Frans Cronje said: “I think the way we set ourselves apart is that we approach this with end-to-end plant control where the implementation of a PRESCRIBE solution can enable the client to achieve this complete site. optimization.
And there is a second aspect: the solution that we have to enable customers to generate revenue is an end-to-end heuristic solution. What I mean by that is that it has the ability to integrate some of the lowest levels of data in factories. I don’t see that in our competitors.” He also added that DataProphet is fully capable of operating on its own and doesn’t need customer employees with data science capabilities, like its competitors.
The funding, according to CEO Frank Croney, will be used to invest in AI’s industrial product portfolio and to drive growth in select manufacturing locations and sectors. “This is where we will use a large part of this fund: to support international sales. They will support the work needed in markets outside of the main engineering hub, South Africa. So a portion of the investment will be used to develop European sales”. office and thus a sales office based in the US to support customers and partners abroad.
Commenting on the round and the venture, Kate van Zyl, Co-Founder and Partner at Naif Capital, said: “Accelerating DataProphet’s international expansion, given the pioneering nature of its technology, is exactly the mandate of our new fund, and it could Wouldn’t it be more appropriate for our first investment to be a follow-up investment from our current group.
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