Israeli startup Seebo, which provides a Process-Based AI solution for large manufacturers, announced a $9 million Series B funding round led by Ofek Ventures, with participation from Vertex Ventures that joins existing investors Viola Ventures and TPY Capital.
Manufacturers potentially lose hundreds of millions of dollars a year due to inefficiencies and malfunctions during the production process. Seebo's AI-powered solution allows manufacturers a predictive and preventive tool to better manage production yield and quality by identifying issues and offering remediation insight on how to fix the problem, sometimes before it even occurs.
“We’re really excited to be investing in Seebo,” said Ofek Ventures partner, Itay Rand. “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.
Even though production line issues pop up every year, the company's industrial data-driven solution becomes even more relevant with the outbreak of the COVID-19 pandemic, which has caused constant shifting in customer demand and has forced manufacturers into quickly adopting remote solutions due to the crisis' ever changing government regulations. By leveraging AI, Seebo claims that it can optimize supply chains remotely further reducing human involvement, lowering the expanded risk which we all face today.
"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 Lior Akavia who co-founded the company with his brother COO Liran Akavia back in 2012.
Including the latest Series B round brings the company's piggy bank to a total of $31 million and with Coronavirus solutions in mind and an already impressive customer roster of manufacturing giants like PepsiCo, Nestle, Barilla, Mondelez, Allnex, and ICL, the Israeli startup plans to utilize the funds to further expand operations while continuing to develop and improve the industrial technology solution.