DataProphet receives $6-million in funding.
DataProphet, a South African Artificial Intelligence (AI) company, has received $6-million in funding.
The round was led by Knife Capital with the Industrial Development Corporation and the Norican Group, a foundry engineering and equipment company.
The startup will use the fresh funds to expand its offering into the international market.
Speaking on the investment, CEO, and Co-Founder of the company, Frans Cronje said, “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.”
Some months ago Norican partnered with DataProphet to accelerate the adoption of AI in the foundry industry which was followed by a series of joint innovation projects carried out with Norican brand DISA, one of the leading suppliers of green sand foundry technology.
Furthermore, CEO of Norican Group, Anders Wilhjelm said, “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 is an artificial intelligence firm that allows manufacturers to step towards autonomous manufacturing through its innovative tech product.
Its AI-as-a-service proactively prescribes changes to plant control plans to continuously optimize production. “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%,” Cronje further stated.
Back in 2018, Knife Capital participated in investment in DataProphet, making it the second time the South African VC has invested in the startup.
Managing partner Andrea Bӧhmert said: “DataProphet has emerged as a global thought leader in its field and, as such, is a prime example of the kind of cutting-edge technologies South African entrepreneurs are capable of developing with global relevance in a fast-growing market.”
DataProphet was founded in 2014.