South African AI manufacturing startup DataProphet has secured a $6 million Series A funding round, as it plans to scale internationally.
Cape Town and London-based VC firm Knife Capital led the round to back neighboring Capetonian DataProphet. The Industrial Development Council of South Africa (IDD) and engineering outfit Norican Group also joined.
Knife had previously invested in DataProphet two years back, as the 2014-founded startup was building out its “AI-as-a-service” product. DataProphet CEO Frans Cronje says his company’s latest round will help build out “sales and support for customers and partners across the world.
“South Africa will remain our engineering and operational hub as we have access to great talent,” Cronje said. “DataProphet however, is an international business, with hubs located around the world.”
DataProphet’s service “proactively prescribes changes to plant control plans to continuously optimize production without the expert human analysis that is typically required,” writes its website.
It is part of a growing number of startups catering to the digitization of the foundry industry, which is growing alongside demand for electronic products worldwide. Foundry Planet, a market analyst, claims the market, spearheaded by China, will grow to over $6tr by 2025.