Seebo announces $24m funding round as more leading food manufacturers adopt its AI solution
Seebo, the Predictive Quality and Yield Solution, has announced its extended Series B financing round, for a total of $24 million. The funding will be used to further expand its global reach and continue enhancing its Process-Based Artificial Intelligence solution. The round is led by Vertex Ventures with participation from 10D, The Phoenix and Leumi Partners.
Food manufacturers suffer, on average, millions of dollars of losses each year due to various process-driven inefficiencies such as rejects due to weight, size and quality variables and colour inconsistencies. Seebo says its Process-Based Artificial Intelligence solution enables food 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, according to the company, saves its customers significant funds each year, by revealing the hidden causes of their production losses. Seebo’s customers include leading manufacturers such as Nestlé, 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,” says Lior Akavia, CEO and co-founder of Seebo. “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,” Akavia continued.
“But even more significant is our growth with our existing customers, who, by using Seebo, identified clear reductions in inefficiencies and gained significant financial benefits. These customers have implemented us in more production lines as a result, and this demonstrative success is a source of great pride for Seebo.”
“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,” says Yanai Oron, general partner at Vertex Ventures. “Seebo is the only vendor providing a productised solution that is based on artificial intelligence across the full product line.”