Israel's Seebo, a designer of solutions that predict and prevent industrial disruptions, announced July 14 the completion of a $9 million funding round led by Ofek Ventures, with the participation of Vertex Ventures, together with existing investors Viola Ventures and TPY Capital. Since its founding, Seebo has raised $31 million.
The company will use the funding to further expand its global reach and continue enhancing 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.
Due to inefficiencies in their production processes, large manufacturers suffer, on average, tens to hundreds of millions of dollars in quality, yield and waste losses annually.
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.
"We're really excited to be investing in Seebo," said Ofek Ventures partner, Itay Rand. "Over the past few years Seebo has cemented itself as a leader in the fields of Predictive Quality and Industrial Artificial Intelligence, with a growing roster of tier-1 manufacturers. Manufacturers today understand that in order to compete successfully they must adopt effective process optimization capabilities, and there is a clear recognition that Industrial Artificial Intelligence and a data-driven approach is fundamental to achieving that goal."
Lior Akavia, Seebo's CEO and co-founder, 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."
Additionally, the Coronavirus crisis has rapidly changed the face of manufacturing, as companies have had to adapt to shifting customer demand, forcing supply chain disruptions, new regulations for employees and a move towards optimization of remote processes.
"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," said Akavia. "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."