a Cape Town based machine learning company that assists data-heavy businesses to discover the insights and predictive capabilities hidden in their data has received a multi-million dollar funding round from Knife Capital.
The funding will be applied to boost the company’s innovation capabilities and accelerate global expansion.
According to Frans Cronje, MD and Co-Founder of DataProphet, “We are delighted to welcome another credible investment partner like Knife Capital on board to become actively involved in strategic elements of the business and to open up their market access networks in pursuit of growth,” said Cronje.
DataProphet previously raised funding from private investment group Yellowwoods and has already successfully delivered on many local and international projects. The Cape-based startup has established itself as an aspirational work environment for AI and machine learning talent in South Africa and has become a magnet for these key resources.
“DataProphet is a prime example of the kind of cutting edge technologies South African entrepreneurs are capable of developing with global relevance in a fast-growing market. We were impressed with every aspect of the business during our due diligence and subsequent deal closing process, and look forward to the scale-up journey as part of the team,” says Andrea Bohmert, Investment Partner at Knife Capital.
Knife Capital’s investment in DataProphet comes at a time when the manufacturing industry is being revolutionised by combining emerging technologies such us the Internet of Things, AI, and machine learning. In applying advanced machine learning to optimise and control manufacturing processes, DataProphet’s customers have realised substantial savings and increases in yield. In one client’s case, DataProphet’s AI solution doubled their profit within the first month of it going live. DataProphet now plans to bring these benefits to a wider client base.