Cape Town-based DataProphet, a player in artificial intelligence and autonomous manufacturing technologies, has secured a further US$4.5-million in series-A funding from existing investors.
This additional capital investment comes on top of the $6-million committed to the company in 2020 in a round led by the same investors, led by Knife Capital, bringing the series-A investment to $10.5-million (R165-million).
The series-A funding for the Cape Town-based start-up also includes investments by South Africa’s Industrial Development Corp (IDC) and Norican, a global foundry and engineering equipment company.
“The funding provides DataProphet with the capital to invest further in its award-winning industrial AI product set while facilitating targeted growth in selected geographies and manufacturing verticals,” a statement said.
Knife Capital first invested in DataProphet in early 2018 via its KNF Ventures Section 12J funding vehicle. The latest round is the first investment made by Knife Fund III, the newly launched fund supporting the international ambitions of fast-growing African start-ups. Fund III, which is still open for investment, is backed by the International Finance Corp, the Mineworkers Investment Company, the SA SME Fund and various family offices.
Prescribe
DataProphet, which is led by CEO Frans Cronje, helps industrial companies “evolve towards autonomous, energy-efficient production, optimising manufacturing performance”. Its flagship AI solution, Prescribe, helps firms “experience a significant and practical impact on the factory floor, reducing the cost of non-quality by an average of 40% and supporting manufacturers wherever they are on the digital adoption curve”.
“We will use this additional funding to continue to accelerate and expand into new markets, build new relationships that are aligned with our machine builder strategy, and further our global expansion. Another important pillar is bringing in top talent to build on this momentum,” Cronje said in the statement. The company now has customers in Africa, the Americas, Europe and Asia. — (c) 2022 NewsCentral Media
- TechCentral podcast: DataProphet CEO Frans Cronje on AI firm’s R100m funding round (August 2020)