South African AI-as-a-Service (AIaaS) startup DataProphet has introduced the completion of its $10 million Collection A funding spherical which started in 2020 with a $6 million spherical led by IDC and Norican.
This newest spherical was led by enterprise capital agency Knife Capital which initially invested in DataProphet in early 2018 through its KNF Ventures Section 12J funding car. The funding for this newest spherical got here from the agency’s just lately launched Knife Fund III, which goals to help the worldwide ambitions of African scale-ups.
In line with Knife Capital, the Knife Fund III fund continues to be open for funding and is backed by the Worldwide Finance Company, the Mineworkers Funding Firm, the SA SME Fund, choose household workplaces, and different credible monetary establishments.
Talking on the funding into DataProphet, Keet van Zyl, co-founder and companion at Knife Capital acknowledged: “Accelerating the worldwide growth of DataProphet, given the main nature of its know-how, is precisely the mandate of our new Fund – and it couldn’t be extra becoming for our first funding to be a follow-on funding from our current cohort.”
Based in 2014 by Frans Cronje and Daniel Schwartzkopff, DataProphet is a man-made intelligence (AI) startup which claims to place corporations within the manufacturing business to evolve in direction of autonomous, energy-efficient manufacturing, optimising manufacturing efficiency.
The startup’s flagship answer, PRESCRIBE, a deep studying answer designed to cut back manufacturing danger in multi-step processes and likewise allows clients to cut back prices by a median of 40% and likewise helps producers on their digital adoption curve.
On the funding spherical, Cronje acknowledged that the capital might be used to develop the enterprise into new markets and supply new expertise.
“I’m excited in regards to the continued help DataProphet has acquired from Knife Capital. Going ahead, we’ll use this extra funding to speed up and develop into new markets, construct new relationships aligned with our machine builder technique, and additional our international growth. One other essential pillar is bringing in high expertise to construct on this momentum,” he talked about.
The startup has been on a powerful development trajectory since Knife Capital’s first capital injection in 2018, tripling its workforce, increasing its buyer base to the Americas, Europe, and Asia and likewise successful a number of awards, together with the “Excellent Innovation Class” on the current Global Business Excellence Awards.
It was additionally just lately included in CBInsights’ Top 50 Advanced Manufacturing Start-ups.