TEL AVIV, Israel, July 14, 2020 /PRNewswire/ -- Seebo, the Predictive Quality and Yield solution for manufacturers, today announced the completion of a $9M funding round, led by Ofek Ventures, with the participation of Vertex Ventures, together with existing investors Viola Ventures and TPY Capital. Since its founding, Seebo has raised $31 million.
Due to inefficiencies in their production processes, large manufacturers suffer, on average, 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 enables manufacturers to predict and prevent production losses and master complex production processes, saving customers significant money each year.
Seebo's funding comes amid growing demand for the company's solution, as manufacturers seek new ways to prevent losses and optimize their processes. Current Seebo customers include industry leaders like Nestle, Barilla, Mondelez, ICL and PepsiCo.
"We're really excited to be investing in Seebo," said 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 optimization capabilities, and there is a clear recognition that Industrial Artificial Intelligence and a data-driven approach is fundamental to achieving that goal."
"Manufacturers today realize 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." said 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 optimization 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," said 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."
Seebo is the Predictive Quality and Yield solution. Manufacturers use Seebo to predict and prevent quality, yield and waste losses. Seebo Process-Based Artificial Intelligence is designed to solve complicated process inefficiencies - revealing the hidden causes and recommending the right actions. By providing production teams with ready-to-use Artificial Intelligence, continuous process mastership becomes a reality. With Seebo production teams know why process inefficiencies happen, using Automated Root Cause Analysis; how to prevent process inefficiencies, using Predictive Recommendations; and when to act, using Proactive Alerts. Seebo's customers include leading manufacturers across multiple industries, including Barilla, Nestle, Mondelez, PepsiCo, Allnex and ICL. Seebo is backed by Viola Ventures, Ofek Ventures, Vertex Ventures and TPY Capital. For more information, please visit www.seebo.com