- Tel Aviv-based startup assists companies to predict and prevent losses in the manufacturing process using Artificial Intelligence.
- Vertex Ventures triples their investment in Seebo in nine months.
Tel Aviv-based predictive quality and yield solution startup –Seebo – pocketed $24 million to expand its global reach and continue enhancing its process-based Artificial Intelligence solution.
The round is led by Vertex Ventures with participation from 10D, The Phoenix and Leumi Partners.
Seebo is backed by Vertex Ventures, 10D, The Phoenix, Leumi Partners, Viola Ventures and TPY Capital.
“The increasingly complex business environment has pushed process manufacturers to explore new ways to eliminate lingering inefficiencies in their production processes,” Lior Akavia, CEO and Co-Founder of Seebo, said.
Large and mid-sized manufacturers suffer tens to hundreds of millions of dollars in quality, yield, energy, emissions and waste losses each year on average.
Urgent need to increase efficiency
Seebos’ customers include leading manufacturers such as Nestle, PepsiCo, General Mills, Barilla, Mondelez, Allnex, ICL and many more.
This latest round comes during a period of exponential growth (400 per cent year on year) for Seebo, as many manufacturers face an increasingly challenging and competitive marketplace in the year of Covid-19.
Among those challenges is the more urgent need to increase efficiency, specifically by lowering production losses; and in some cases to meet unprecedented spikes in demand due to changing consumer behaviour.
Akavia said that 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.
“That’s why we’ve seen such an increase in demand for our solution.”
Yanai Oron, General Partner at Vertex Ventures, said that they have tripled their investment in Seebo nine months after their initial investment.