Israeli startup Seebo, whose artificial intelligence (AI)-based solution allows manufacturers to identify process-driven inefficiencies in order to predict and prevent losses, has extended a Series B financing round, for a total of $24 million, the company announced Thursday.
Follow Israel Hayom on Facebook and Twitter
The round is led by Vertex Ventures with participation from 10D, The Phoenix and Leumi Partners.
Large and mid-sized manufacturers suffer tens to hundreds of millions of dollars in quality, yield, energy, emissions and waste losses each year. Seebo's solution reveals the hidden causes of these losses for customers that include corporate giants such as Nestle, PepsiCo, General Mills, Barilla, Mondelez, Allnex, ICL and many more.
"The increasingly complex business environment has pushed process manufacturers to explore new ways to eliminate lingering inefficiencies in their production processes," said Seebo co-founder and CEO Lior Akavia.
"These 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 Seebo's Process-Based Artificial Intelligence: this is precisely the problem we solve. Seebo grew during 2020 with many new customers."
