DATAPROPHET CLOSES $10M SERIES A FUNDING

DataProphet, an AI-as-a-Service (AIaaS) for manufacturing innovators, has introduced the completion of its $10 million Sequence A funding spherical.

Knife Capital led the spherical, joined by South Africa’s IDC and Norican – the world’s largest steel floor preparation and ending tools supplier. The funding supplies DataProphet with the capital to take a position additional in its industrial AI product set whereas facilitating focused progress in chosen geographies and manufacturing verticals.

Knife Capital had initially invested in DataProphet in early 2018 by way of its KNF Ventures Part 12J funding automobile. This newest spherical is the primary funding made by Knife Fund III, the newly launched fund supporting the worldwide ambitions of African scale-ups. “Accelerating the worldwide enlargement of DataProphet, given the main nature of its expertise, is strictly the mandate of our new Fund – and it couldn’t be extra becoming for our first funding to be a follow-on funding from our present cohort,” feedback Keet van Zyl, co-founder, and companion at Knife Capital. Knife Capital’s Fund III remains to be open for funding and is backed by the Worldwide Finance Company, the Mineworkers Funding Firm, the SA SME Fund, and choose household workplaces, and different credible monetary establishments.

DataProphet positions industrials to evolve in direction of autonomous, energy-efficient manufacturing, optimizing manufacturing efficiency. Its flagship AI resolution, PRESCRIBE, has helped clients all over the world expertise a big and sensible impression on the manufacturing unit flooring, decreasing the price of non-quality by a mean of 40 p.c and supporting producers wherever they’re on the digital adoption curve.

“I’m excited concerning the continued help DataProphet has obtained from Knife Capital. Going ahead, we are going to use this extra funding to speed up and increase into new markets, construct new relationships aligned with our machine builder technique, and additional our international enlargement. One other necessary pillar is bringing in high expertise to construct on this momentum.” says Frans Cronje, CEO of DataProphet.

Justin Larsen, CFO of DataProphet, elaborated: “Main as much as the finalizing of this funding spherical, we’ve made nice strides in product improvement and gained extra momentum with our present and new purchasers. We’ve additionally gained a number of trade awards, acknowledging the progress that we’re making. These are robust indicators that the enterprise is headed in the suitable route.”

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