Israeli artificial intelligence startup Seebo raises $24M to expand its global reach
Israeli artificial intelligence startup Seebo Interactive Inc. today announced it has raised an additional $24 million in funding to expand its global reach and enhance its process-based AI solution.
The expanded Series B round was led by Vertex Ventures and included 10D, The Phoenix and Leumi Partners.
Founded in 2012, Seebo offers a process-based AI solution designed to enable manufacturers to identify process-driven inefficiencies in their production processes to predict and prevent production losses. The company’s solution uses AI algorithms with deep process manufacturing expertise to deliver the ability to understand each individual production process, potentially saving customers funds by revealing the hidden causes of their production losses.
Clients of Seebo can draw on a virtual component library built into Seebo’s platform for the parts they need. The catalog includes digital representations of sensors for tracking heat, pressure and other operational factors, as well as various prepackaged programming components.
Like many companies, Seebo has thrived thanks to the COVID-19 pandemic. During 2020, Seebo saw 400% year-over-year growth as manufacturers faced an increasingly challenging and competitive marketplace.
According to the company, those challenges included an urgent need to increase efficiency, specifically by lowering production losses, and in some cases to meet unprecedented spikes in demand due to changing consumer behavior. Seebo says that its solution has provided manufacturers an ability to achieve these goals in a highly scalable way, without costly investments in new production lines and facilities.
Notable Seebo customers include Nestlé S.A, PepsiCo Inc., General Mills Inc. and Mondelez International Inc.
“The increasingly complex business environment has pushed process manufacturers to explore new ways to eliminate lingering inefficiencies in their production processes,” Lior Akavia, co-founder and chief executive of Seebo, said in a statement. “These inefficiencies are responsible for significant production losses each year, but in many cases manufacturers didn’t have the tools to find the root causes, as these were hidden deep within the complex manufacturing processes and data.”
Including the new funding, Seebo has raised about $55 million to date, including a round of $8 million in 2017. Previous investors include TPY Capital, Viola Ventures, Pritkzer Group Venture Capital, Global IoT Technology Ventures and Autodesk.
Image: SeeboSince you’re here …
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