DataProphet is a Cape Town based machine learning company that develops and implements bleeding-edge product development solutions to a wide range of industries, with a specific focus on the manufacturing sector.
The company assists data-heavy businesses to discover the insights and predictive capabilities hidden in their data.
The company has now received a multi-million dollar funding round from Knife Capital – a leading venture capital firm with offices in Cape Town and London. Knife Capital invests via a consortium of funding partnerships, including SARS section 12J Venture Capital Company KNF Ventures and Draper-Gain Investments.
The funding will be applied to boost the company’s innovation capabilities and accelerate global expansion. DataProphet has already successfully delivered on many local and international projects. Key clients and revenue drivers are largely international and the company has earned a reputation of competing at the highest level, outperforming blue-chip corporates on project deliverables in many instances.
Machine learning and artificial intelligence (AI) is already helping manufacturers achieve yields that they hadn’t thought possible through intelligent automation and much more dynamic control methods. These technologies are key to achieving the goals of Industry 4.0 and allowing manufacturing plants to be far more responsive to the market demands without incurring additional costs.
“Those that don’t adapt will fall behind, to be replaced and supplanted by newer and more dynamic companies that use machine learning to drive their growth,” says Frans Cronje, MD and co-founder of DataProphet. “We are delighted to welcome another credible investment partner like Knife Capital on board to become actively involved in strategic elements of the business and to open up their market access networks in pursuit of growth,” says Cronje.
DataProphet previously raised funding from private investment group Yellowwoods.
Knife Capital’s investment in DataProphet comes at a time when the manufacturing industry is being revolutionised by combining emerging technologies such as the Internet of Things, AI, and machine learning. In applying advanced machine learning to optimise and control manufacturing processes, DataProphet’s customers have realised substantial savings and increases in yield. In one client’s case, DataProphet’s AI solution doubled their profit within the first month of it going live.