Israeli startup Seebo, the developer of an AI-platform that enables manufacturers to predict and prevent disruptions, has extended its Series B funding round, raising $15 million for a total of $24 million, the company announced on Thursday.
The round is led by Vertex Ventures with participation from 10D, The Phoenix and Leumi Partners.
Seebo previously completed a $9 million round in July 2020, led by Ofek Ventures. Vertex Ventures and existing investors Viola Ventures and TPY Capital also participated in the round.
Seebo said the funding will be used to further expand the company’s global reach and continue enhancing its Process-Based Artificial Intelligence solution.
The latest round comes during a period of exponential growth for Seebo, as many manufacturers face a challenging and competitive marketplace in the year of COVID-19.
“The increasingly complex business environment has pushed process manufacturers to explore new ways to eliminate lingering inefficiencies in their production processes,” says 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.”
Seebo says it has succeeded in infusing artificial intelligence algorithms with deep process manufacturing expertise – giving its solution the unique ability to understand each individual production process. “This saves its customers significant funds each year, by revealing the hidden causes of their production losses,” the company said in a statement.
Seebo’s customers include Nestle, PepsiCo, ICL, General Mills, and Barilla.
“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,” said Yanai Oron, general partner at Vertex Ventures. “Seebo is the only vendor providing a productized solution that is based on Artificial Intelligence across the full product line”