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Vertex Ventures triples its investment in the Industrial AI company that experienced exponential growth during the Covid-19 crisis
Tel Aviv-based Industrial AI startup Seebo Interactive Ltd., which develops predictive quality and yield solutions, announced on Thursday that it has completed its extended series B financing round, for a total of $24 million, adding $15 million to $9 million it had raised in July 2020.
The round was led by Vertex Ventures, which tripled its previous investment in the company, with participation from 10D, The Phoenix, and Leumi Partners. The new funding brings Seebo’s total capital raised to date to $46 million.
Seebo’s Process-Based Artificial Intelligence solution enables manufacturers to identify process-driven inefficiencies in their production processes in order to predict and prevent production losses. Seebo succeeded in infusing Artificial Intelligence algorithms with deep process manufacturing expertise - giving its solution the unique ability to understand each individual production process. This saves its customers significant funds each year, by revealing the hidden causes of their production losses.
Seebos’ customers include leading global manufacturers such as Nestle, PepsiCo, General Mills, Barilla, Mondelez, Allnex, ICL, as well as household Israeli brands Tnuva, Strauss, and Osem.
Seebo was founded in 2012 by brothers Lior Akiva (CEO) and Liran Akiva (COO) and employs 45 people. The funding will be used to expand its global reach, double its employee headcount, and continue enhancing its AI solution.
“By doubling the size of our team we will increase our clout in the industry, which makes up a sixth of the global economy, and help major brands operate in a more efficient and sustainable manner,” Lior Akiva said.
“We are happy to announce that we have tripled our investment nine months after our initial investment in Seebo, while observing up close how Seebo is saving process manufactures millions of dollars - and how they in return are happy to expand the solution to additional lines,” said Yanai Oron, General Partner at Vertex Ventures. “Seebo is the only vendor providing a productized solution that is based on Artificial Intelligence across the full product line.”