Israeli predictive quality and yield solution developer Seebo has announced the completion of its $24 million extended Series B financing round led by Vertex Ventures with participation from 10D, The Phoenix and Leumi Partners. The funding will be used to further expand global marketing and continue developing its process-based AI solution.
Seebo’s solution enables manufacturers to identify process-driven inefficiencies in their production processes in order to predict and prevent production losses. Seebo has infused AI 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. Seebos’ customers include leading manufacturers such as Nestle, PepsiCo, General Mills, Barilla, Mondelez, Allnex, ICL and many more.
Seebo has seen 400% year-on-year growth, as many manufacturers face an increasingly challenging and competitive marketplace due to Covid-19.
The Tel Aviv-based company was founded by CEO Lior Akavia and COO Liran Akavia.
Lior Akavia said, "The increasingly complex business environment has pushed process manufacturers to explore new ways to eliminate lingering inefficiencies in their production processes. 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.
Published by Globes, Israel business news - en.globes.co.il - on March 4, 2021
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