26 Aug 2020 | Nicol Ritchie| • In The News
Since its co-founding and incorporation in 2014, DataProphet has initiated several successful funding rounds. The most recently completed is this Series-A funding of August 2020—a USD 6m capital raise led by Knife Capital, the VC Firm already well-established as a key backer of DataProphet. On the investment, Andrea Bohmert (Investment Partner at Knife Capital) had the following to say: “DataProphet 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.
We were impressed with every aspect of the business during our due diligence and subsequent deal closing process and look forward to the scale-up journey as part of the team.” This Series-A funding round aimed to scale DataProphet’s award-winning deep learning innovation solutions and facilitate our rapid global expansion as a leading provider of AI-as-a-Service for manufacturing.
The Industrial Development Corporation of South Africa (IDC) also supported this expansion-capital event. The IDC’s investment was recognition of the critical importance of data-driven solutions to realizing Industry 4.0 ambitions for manufacturers. This cap raise was also defined by the inception of a joint innovation project with the Norican Group’s globally leading brand in original equipment and digital solutions for green sand foundries—DISA. Norican saw a partnership with DataProphet as a means of properly integrating AI applications into industrial contexts.
Our partners realize the full value of AI means considering how deep learning can play into Smart Factory plans. AI-driven technologies are vital to achieving Industry 4.0 goals and allowing manufacturing plants to respond ahead of real-time to shifting market demands without incurring additional costs.
The Series-A investors in DataProphet saw the company as one perfectly poised to guide manufacturers on their journey by augmenting plant operations with explicit, holistic instruction from their data without additional hardware investment or building increased dependence on limited experts. The effects of COVID-19 have only reinforced the wisdom of this strategy. Read associated coverage announcing DataProphet’s Series-A $6 million USD cap raise from publications such as Forbes, Industry USA, and Foundry Management and Technology. The funding round was also covered by ITWeb, Techhawk, Tech Financials, and Disrupt Africa.
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