Predictive quality and yield solution for manufacturers, Seebo completed a US$9 million (€7 million) funding round.
Due to inefficiencies in their production processes, large manufacturers suffer tens to hundreds of millions of dollars in quality, yield and waste losses each year. Seebo will use the funding to further expand its global reach and continue enhancing its process-based artificial intelligence (AI) solution.
Seebo’s solution reportedly enables manufacturers to predict and prevent production losses and master complex production processes, saving customers significant money each year. The funding round has been led by Ofek Ventures, with the participation of Vertex Ventures, and with existing investors Viola Ventures and TPY Capital. Since its founding, Seebo has raised $31 million (€27 million).
Seebo’s funding comes amid growing demand for the company’s solution, as original equipment manufacturers (OEMs) seek new ways to prevent losses and optimise their processes. Current Seebo customers include industry leaders like Nestle, Barilla, Mondelez, Allnex and Volkswagen Group.
“We’re really excited to be investing in Seebo,” says 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 optimisation capabilities, and there is a clear recognition that Industrial Artificial Intelligence and a data-driven approach is fundamental to achieving that goal.”
“Manufacturers today realise 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” comments Seebo CEO and co-founder Lior Akavia.
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 optimisation 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,” says 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.”