Seebo to ramp up AI footprint with $24m funding round
The round – led by Vertex Ventures with participation from 10D, The Phoenix and Leumi Partners – comes during a period of outstanding growth for the Israeli startup of 400% YoY.
On average, producers suffer tens to hundreds of millions of dollars in quality, yield, energy, emissions and waste losses each year. Manufacturers are facing an increasingly challenging and competitive marketplace, and have been especially hammered by COVID-19. There has been a more urgent need to increase efficiency to meet unprecedented spikes in demand brought about by lockdown.
The Seebo solution enables producers to identify process-driven inefficiencies in their production in order to predict and prevent losses. It uses AI algorithms with deep process manufacturing expertise to understand each individual production process, revealing the hidden causes of production losses and recommending the right actions, saving producers significant costs.
By providing production teams with ready-to-use AI, continuous process mastership becomes a reality. Using Seebo’s Automated Root Cause Analysis, production teams know why process inefficiencies happen; along with how to prevent process inefficiencies using Predictive Recommendations; and when to act with Seebo’s Proactive Alerts.
Eliminate lingering inefficiencies
“The increasingly complex business environment has pushed process manufacturers to explore new ways to eliminate lingering inefficiencies in their production processes,” said Lior Akavia, CEO and co-founder of Seebo.
“These inefficiencies are responsible for significant production losses each year, but in many cases manufacturers didn’t have the tools to find the root causes, as these were hidden deep within the complex manufacturing processes and data. That's why we’ve seen such an increase in demand for Seebo’s Process-Based Artificial Intelligence: this is precisely the problem we solve.”
He added, “Seebo grew during 2020 with many new customers. But even more significant is our growth with our existing customers, who, by using Seebo, identified clear reductions in inefficiencies and gained significant financial benefits. These customers have implemented us in more production lines as a result, and this demonstrative success is a source of great pride for Seebo.”
Yanai Oron, general partner at Vertex Ventures, said Seebo had brought real dividends.
“We are happy to announce that we have tripled our investment 9 months after our initial investment in Seebo, while observing up close how Seebo is saving process manufactures millions of dollars – and how they, in return, are happy to expand the solution to additional lines,” he said.
“Seebo is the only vendor providing a productised solution that is based on artificial intelligence across the full product line.”
Last year, Seebo was named as one of the World Economic Forum’s 100 most promising Technology Pioneers, selected for its contribution in the field of Industrial Artificial Intelligence.