Israeli company Seebo, the developer of an AI-platform that enables manufacturers to predict and prevent disruptions, announced on Tuesday the completion of a $9 million Series B funding round led by Ofek Ventures. Vertex Ventures, together with existing investors Viola Ventures and TPY Capital, also participated in the round.
The fresh funding brings Seebo’s total capital raised, since its founding in 2012, to over $30 million.
Seebo said in a statement that it will use the funding to expand its global reach and continue enhancing its process-based AI solution that allows manufacturers to navigate potential production disruptions and losses. The solution, Seebo says, is designed to solve complicated process inefficiencies to reveal hidden causes and recommend the right course of action.
The company said the fresh funding comes amid growing demand for the solution, “as manufacturers seek new ways to prevent losses and optimize their processes.” Seebo customers currently include Nestle, Barilla, Mondelez, ICL, and PepsiCo.
“Manufacturers today realize that in order to prevent losses and continuously master complex production processes, they need a technological solution that truly understands the unique complexity of their production lines, and is both easy for production teams to use and scalable across various manufacturing lines.” said Seebo CEO and co-founder Lior Akavia.
Akavia also noted that the global coronavirus pandemic has shifted supply chains and manufacturing processes, forcing new regulations and a move toward more remote work.
“The coronavirus pandemic has spurred a search for more efficient, effective ways to identify and prevent process inefficiencies overall – which lies at the heart of what Seebo does,” said Akavia. “Data-driven decision-making is critical in our new reality, as manufacturers must adapt quickly and implement changes effectively. Those manufacturers who meet this challenge today will gain a competitive edge in tomorrow’s marketplace.”
Itay Rand, a partner at Ofek Ventures said: “Over the past few years Seebo has cemented itself as a leader in the fields of Predictive Quality and Industrial Artificial Intelligence, with a growing roster of tier-1 manufacturers. Manufacturers today understand that in order to compete successfully they must adopt effective process optimization capabilities, and there is a clear recognition that Industrial Artificial Intelligence and a data-driven approach is fundamental to achieving that goal.”
Seebo was recently named as one of 100 firms (and 6 Israeli companies) on the World Economic Forum’s 2020 Technology Pioneers list, honoring initiatives that are addressing global issues with cutting edge technology