Predictive quality and yield solution company Seebo acquired a $24 million fund from the recently held Series B round, reported Globes. The company will be focusing on its artificial intelligence dedicated to fighting food waste.
The funding round was led by Vertex Ventures and participated by 10D, The Phoenix, and Leumi Partners. According to the report, the fund will be funnelled toward global marketing expansion and further development of its process-based AI technology.
Ventex Ventures’ General Partner Yanai Oron said in a press release posted on PRNewswire, “We are happy to announce that we have tripled our investment nine months after our initial investment in Seebo, while observing up close how Seebo is saving process manufacturers millions of dollars.”
Oron added, “Seebo is the only vendor providing a productized solution that is based on Artificial Intelligence across the full product line.”
The solution seeks to helps manufacturers determine inefficiencies in their production process with the goal of predicting and preventing production loss. It uses AI algorithms and deep process production knowledge to create such results.
With the combination of these two technologies, the firm was able to develop an AI solution that can analyze and understand each part of the production process.
The introduction of this solution helps customers save money through reduced losses by identifying the source of such incidents. Some of the company’s customers include Nestle, PepsiCo, Barilla, Modelez, General Mills, and many others.
The fund was acquired at a time when the company is seeing a whopping 400% year-on-year growth because of the challenges posed by the current public health situation.
Manufacturers are pressured to boost efficiency and lower losses due to the spike in demand and consumer behaviour. Seebo’s AI helped these producers reach their goals in a scalable manner without increasing spending on production lines and facilities.
Seebo CEO and co-founder Lior Akavia are optimistic about the usefulness of its offering. Akavia said, “The increasingly ample 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 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,” he added.
Akavia also noted that more customers have added the company’s AI tech into their production lines.