AI co Razor Labs raises $36m in TASE IPO

Tel Aviv Stock Exchange / Photo: Shlomi Yosef , Globes
Tel Aviv Stock Exchange / Photo: Shlomi Yosef , Globes

The Tel Aviv-based company transforms industrial machines into smart devices, offering manufacturers a cost effective method to manage supply chains.

Israeli company Razor Labs (TASE:RZR), which develops AI solutions for industrial manufacturing processes, has announced the successful completion of its Initial Public Offering (IPO) on the Tel Aviv Stock Exchange (TASE). The IPO was led by Discount Capital Underwriting.

Razor Labs raised $36 million last Thursday at a valuation of $151 million and saw its share price rise 10% on its first day of trading. Founded in 2016, the Tel Aviv-based company had not previously raised any funds, building revenue from sales, and without third party investments.

Razor Labs develops neural networks that utilize deep learning-based optimization for business processes. The company transforms industrial machines into smart devices, offering manufacturers across a wide spectrum of industries a more cost effective method to manage their supply chains.

The company’s founding team is led by serial entrepreneur Raz Roditi, who serves as the CEO, CTO Michael Zolotov, an expert in deep learning algorithms with extensive experience in AI R&D, and Ido Rozenberg, an AI expert, researcher and developer of complex AI systems, and former commander at the 8200 intelligence corps unit in the Israeli Defense Forces (IDF).

Roditi said, "The decision to take a young startup to be publicly traded instead of VC Founded means taking a journey off the beaten path and leverage the public’s faith in our vision. We’ve bootstrapped thus far and could have continued to do so quite successfully, but the growing demand and market potential called for a dramatic expansion, so we decided to take our company to the stock exchange. We’re excited to bring our elegant and smart solution to industries across the globe."

The company’s flagship product, DataMind AI transforms heavy industrial machinery to smart devices and operates as SaaS in the cloud. The product integrates with the machine’s sensors remotely, identifying and predicting malfunctions as well as optimizing manufacturing processes, achieving results of accuracy and understanding even beyond human intelligence. Eliminating the need for investing in additional parts, DataMind AI identifies hidden patterns in the data so as to predict malfunctions in advance and alert to maintenance needs, thereby reducing the downtime costs and allowing organizations to repair and maintain the machinery at their convenience, ahead of time.

Published by Globes, Israel business news - en.globes.co.il - on March 29, 2021

© Copyright of Globes Publisher Itonut (1983) Ltd. 2021

Tel Aviv Stock Exchange / Photo: Shlomi Yosef , Globes
Tel Aviv Stock Exchange / Photo: Shlomi Yosef , Globes
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