DataProphet, a South African startup, has completed its $10 million Series A round to further invest in its industrial AI (artificial intelligence) product set.
Knife Capital led the round, while IDC and Norican were among the participating investors.
Frans Cronje and Daniel Schwartzkopff founded the company in 2017 to provide AI-as-a-service software in the manufacturing sector.
According to Cronje, DataProphet is used by manufacturers at various stages of their digitisation journeys. So, data collection and centralisation are critical to getting them started.
CONNECT, the first product in DataProphet's stack enables manufacturers to augment their data infrastructure and move data from where it has been used for compliance in the manufacturing space to where it can be used for optimisation.
DataProphet says its platform currently receives approximately 100 million unique data points daily. Using this data, PRESCRIBE can make informed decisions to reduce defects, scrap, or poor-quality processes and increase manufacturer yield.
Cronje claims that DataProphet constantly monitors data streams and pushes advice and feedback to the operating floor, ensuring its clients comply.
In cases where clients do not follow DataProphet's advice, the company works with them to understand their concerns.
According to the company, its flagship AI solution, PRESCRIBE, has assisted its clients in experiencing a significant and practical impact on the factory floor, with non-quality costs reduced by an average of 40%.
DataProphet primarily serves clients in the automotive, semiconductor, rubber, and foundry industries, deploying its solution to manufacturing plants in Japan, China, India, Europe, South Africa, the United States, and South America.
Braincube and Seebo are two of DataProphet’s international competitors. And the company claims that what distinguishes the startup from its competitors is that it integrates some of the lowest data levels in factories.
The funds will be used to support international sales and functions required in markets other than South Africa's major engineering hub.
In addition, a portion of the investment will be used to establish a European sales office, followed by a US-based sales office, to support customers and partners in other countries.