27 Apr, 2023, 06:00 ET
Funding round led by Owl Ventures follows DeepHow's 3x year-over-year growth since launching its enterprise AI-powered knowledge-capture and learning platform
DETROIT, April 27, 2023 /PRNewswire/ -- DeepHow, the AI company that turns technical know-how into smart, how-to training videos, has closed $14M in Series A funding. Owl Ventures, a specialist in education technology investing, led the round, with participation from another new investor: LG Technology Ventures. Existing investors Sierra Ventures, Qualcomm Ventures, Osage Venture Partners, and Foothill Ventures also participated in this round.
DeepHow plans to invest in go-to-market initiatives to accelerate its business growth, and to ramp up its investments in product, engineering, and generative AI innovation. In response to customer demand, DeepHow has already fast-tracked development of powerful product enhancements that leverage the power of generative AI to accelerate SOP video creation, multimodal workflow generation, AI chat assistance, and strategic knowledge mapping.
"Today, manufacturers are under intense pressure to improve efficiency and reduce costs while meeting growing customer demands. At the heart of this transformation is Industry 4.0, which leverages advanced technologies such as AI, IoT, and automation to achieve operational excellence," said Dr. Sam Zheng, CEO and co-founder of DeepHow. "Realizing the full potential of Industry 4.0 requires more than just technology investment, it also requires a strategic approach to capturing, sharing, and transferring knowledge across teams and departments. This oversubscribed Series A round underscores that our investors share our vision. It also demonstrates their confidence in our ability to build on our technical leadership and accelerate our go-to-market operations."
DeepHow's compelling value proposition for the manufacturing and service industries is fueled by the confluence of several industry trends that are driving demand for workers who can quickly assimilate technical skills. Among the forces that are shaping industry globally are the rapid evolution of advanced technology in use on the factory floor, the digitalization of manufacturing associated with Industry 4.0, the restructuring of global supply chains, and a paradigm shift in the way people prefer to learn.
"The need to capture the skills and know-how of senior, experienced workers—and then transfer that knowledge through engaging and efficient training during on-boarding and through reskilling initiatives has never been more important," said Ian Chiu, managing director at Owl Ventures. "Over 70+ global customers, the majority of them multinational enterprise companies, are leveraging DeepHow's AI-powered training platform to streamline the capture and transfer of technical skills and know-how — compressing project time by 10x, boosting worker performance by 25%, and dramatically reducing overall training and development costs. We're excited to be partnering with Sam, Patrik, and the entire DeepHow as they continue to scale and expand on their market leadership."
"At LG Technology Ventures, we are excited to support visionary founders who are leading the Industrial 4.0 era," said Anshul Agarwal, managing director of LG Tech Ventures. "Ever since we met Sam and Patrik, we were impressed by their obsession with customers and the design-led product that they have built. We look forward to partnering closely with the DeepHow team as they deploy their product to factories around the world."
"The growing skills gap and consequent loss of productivity in the manufacturing industry will cause a paradigm shift in technical training and I am thrilled to continue to support DeepHow on their mission to become the leading solution in this sector," said Ben Yu, managing partner at Sierra Ventures.
About LG Technology Ventures
LG Technology Ventures, established in 2018 in Silicon Valley, is the venture capital investment arm of the Korea-based LG Group. Its team consists of experienced investors, entrepreneurs, technologists, and industry domain experts. LG Technology Ventures manages over $480 million of fund assets and invests in early-stage startups in artificial intelligence, mobility, electrification, advanced materials, climate technologies, life-sciences, next generation display, XR, Web3, mobile, and 5G. They create value for LG portfolio companies by helping them develop strategic partnerships with LG Companies. For more information, please visit lgtechventures.com.
About Owl Ventures
Owl Ventures is the largest venture capital fund in the world focused on the EdTech market, with over $2 billion in assets under management. The Silicon Valley-based firm invests in the world's leading education technology companies across the education spectrum, encompassing PreK-12, higher education, future of work (career mobility/professional learning), and "EdTech+" (the intersection of EdTech and other major industries). Owl Ventures has deep domain expertise and leverages a global network of limited partners, investors, and strategic partners to help entrepreneurs scale their businesses into transformative category leading companies. Learn more at OwlVC.com. Owl's annual Education Outcomes Report can be viewed at OwlVC.com/outcomes.
DeepHow was founded in 2018 by a team of ex-Siemens researchers and engineers who saw an unmet need to transfer knowledge in the skilled workforce market. They developed an AI-powered, video-centric knowledge-capture and learning platform that bridges the skills gap in the manufacturing, service, and construction industries. DeepHow streamlines the capture and transfer of technical skills and know-how — compressing project time by 10x, boosting worker performance by 25%, and dramatically reducing overall training and development costs. For more information, visit deephow.com.
SOURCE DeepHow Corporation
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