DataProphet, an AI-as-a-service (AIaaS) for manufacturing innovator, has announced the completion of its $10-million Series A funding round.
Knife Capital led the round, joined by South Africa’s IDC and Norican – the world’s largest metal surface preparation and finishing equipment provider. The funding provides DataProphet with the capital to invest further in its award-winning industrial AI product set while facilitating targeted growth in selected geographies and manufacturing verticals.
Knife Capital had initially invested in DataProphet in early 2018 via its KNF Ventures Section 12J funding vehicle. This latest round is the first investment made by Knife Fund III, the newly launched fund supporting the international ambitions of African scale-ups.
“Accelerating the international expansion of DataProphet, given the leading nature of its technology, is exactly the mandate of our new Fund – and it couldn’t be more fitting for our first investment to be a follow-on investment from our existing cohort,” says Keet van Zyl, co-founder and partner at Knife Capital.
Knife Capital’s Fund III is still open for investment and is backed by the International Finance Corporation, the Mineworkers Investment Company, the SA SME Fund and select family offices, and other credible financial institutions.
DataProphet positions industrials to evolve towards autonomous, energy-efficient production, optimizing manufacturing performance. Its flagship AI solution, Prescribe, has helped customers around the world experience a significant and practical impact on the factory floor, reducing the cost of non-quality by an average of 40% and supporting manufacturers wherever they are on the digital adoption curve.
“I am excited about the continued support DataProphet has received from Knife Capital. Going forward, we will use this additional funding to continue to accelerate and expand into new markets, build new relationships that are aligned with our machine builder strategy, and further our global expansion. Another important pillar is bringing in top talent to build on this momentum.” says Frans Cronje, CEO of DataProphet.
Justin Larsen, chief financial officer of DataProphet, adds: “Leading up to the finalizing of this funding round, we’ve made great strides in our product development and gained additional momentum with our existing and new clients. We’ve also won several industry awards, acknowledging the progress that we’re making. These are strong indicators that the business is headed in the right direction.”