Israeli AI predictive quality and yield developer Seebo today announced the completion of a $9 million financing round led by Ofek Ventures, and with the participation of Vertex Ventures, and existing investors Viola Ventures and TPY Capital. This brings to $31 million, the amount raised by the Tel Aviv-based company since it was founded by CEO Lior Akavia and COO Liran Akavia.
Seebo says it will use the funding to expand its global marketing and enhance its Process-Based Artificial Intelligence (AI) solution. Seebo's solution enables manufacturers to predict and prevent production losses and master complex production processes, saving customers significant money each year.
Seebo's funding comes amid growing demand for the company's solution, as manufacturers seek new ways to prevent losses and optimize their processes. Current Seebo customers include industry leaders like Nestle, Barilla, Mondelez, ICL and PepsiCo.
Lior Akavia said, "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."
He added, "The coronavirus pandemic has spurred a search for more efficient, effective ways to identify and prevent process inefficiencies overall - which lies at the heart of what Seebo does. Data-driven decision-making is critical in our new reality, as manufacturers must adapt quickly and implement changes effectively. Those manufacturers who meet this challenge today will gain a competitive edge in tomorrow's marketplace."