DataProphet, a South African AI-as-a-Service company has closed a $10 million Series A round.
The round was led by Knife Capital and received participation from South Africa’s IDC and Norican, one of the world’s largest metal surface preparation and finishing equipment providers.
DataProphet’s first VC funding was secured in 2016, from Yellowoods Capital. In 2018 and 2020 respectively, Knife Capital also invested in the company.
With the new fund, the plant manufacturer will enhance its international sales, and invest further in its industrial AI product set, while ensuring seamless growth in selected geographies and manufacturing verticals. This includes the development of a European sales office and later on, a U.S.-based sales office to support customers and partners abroad.
DataProphet works with global manufacturers to optimise production KPIs via existing plant data and machinery. The startup was founded by Frans Cronje and Daniel Schwartzkopff and provides prescriptive advice and suggested changes to manufacturers’ recipes to eliminate the possibility of defects that cause wasted efforts through product scrap or rework.
The company affirms that its flagship AI solution, PRESCRIBE, has helped clients experience a significant and practical impact on the factory floor, reducing the cost of non-quality by an average of 40%.
Made up of a team of 50 people, DataProphet focuses on automotive, semiconductor, rubber and foundry industries, and deploys its solution to manufacturing plants based in Japan, China, India, Europe, South Africa, the U.S and South America.
DataProphet’s PRESCRIBE and end-to-end solution enables customers to receive good yields by integrating some of the lowest data levels in factories and organised data infrastructure.