DataProphet, artificial intelligence as a service (AI-a-a-S) company, has announced the closing of a $10 million Series A funding round.
The round was led by Knife Capital and included participation from IDC of South Africa and Norican, the largest provider of equipment used to prepare and finish metal surfaces in the globe.
Early in 2018, Knife Capital made its first investment in DataProphet through its KNF Ventures Section 12J investment vehicle.
DataProphet positions the industrial sector for an evolution toward autonomous, energy-efficient production, maximizing manufacturing output.
Keet van Zyl, co-founder and partner at Knife Capital, says, “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.”
“I am excited about the ongoing support that Knife Capital has provided to DataProphet. We’ll use this extra money to grow faster and into new markets, establish new connections that are in line with our machine-building approach, and broaden our reach internationally in the future. To expand on this momentum, bringing in top talent is a crucial pillar, says Frans Cronje, CEO of DataProphet.
DataProphet’s CFO, Justin Larsen, further explained: “Prior to the completion of this investment round, we’ve made significant progress in product development and acquired more momentum with our existing and new clients. Several industry awards that we’ve received also recognize the advancements we’ve made. These are powerful signs that the company is moving in the correct way.
The additional funding gives DataProphet the resources to expand its industrial AI product line while enabling focused growth in particular regions and manufacturing sectors.
Read more on Tech Gist Africa:
Proto Accelerates Its Global Expansion After Raising $5.6 Million in Series A Funding
Lami Technologies, a Kenyan insurtech startup, raises US$3.7 million in seed funding
Zeepay, a Ghanaian payment company, has secured a $10 million Series A.5 funding round