Predictive quality and yield solution provider Seebo has recently closed a series B funding totalling $24 million. Naturally, the funding is expected to be put towards global expansion and continual refinement of the company’s AI solution.
The extended b-round, led by Vertex Ventures also included investment from 10D, The Phoenix and Leumi Partners. Existing investors Viola Ventures and TPY Capital also participated in the first part of the round.
“We are happy to announce that we have tripled our investment 9 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.
The latest round of funding rides on the coattails of a banner year for Seebo, which saw a 400% growth rate (YoY), as many manufacturers have seen challenges and competition rise in a COVID-19 marketplace. Paramount to these manufacturers: increased efficiency, lowering production losses; and the ability to meet unprecedented spikes in demand due to changing consumer behavior; exactly the needs Seebo addresses.
“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. 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,” says Lior Akavia, CEO and Co-Founder of Seebo.
Seebos’ customers include leading manufacturers such as Nestle, PepsiCo, General Mills, Barilla, Mondelez, Allnex, and ICL.