Cape Town-based machine-learning specialist DataProphet has concluded a multimillion-dollar funding round from venture capital provider Knife Capital.
Knife Capital invests via a consortium of funding partnerships, including South African Revenue Service Section 12J venture capital company KNF Ventures and select family offices.
The funding, the exact value of which has not been disclosed, will be used by DataProphet to boost the company’s “innovation capabilities and accelerate global expansion”, Knife Capital said in a statement.
“Key clients and revenue drivers are largely international, and the company has earned a reputation of competing at the highest level, outperforming blue-chip corporates on project deliverables in many instances,” it said.
The company uses machine learning and artificial intelligence tools to help manufacturers improve yields through intelligent automation and more dynamic control methods. “These technologies are key to achieving the goals of Industry 4.0 and allowing manufacturing plants to be far more responsive to the market demands without incurring additional costs,” Knife Capital added.
DataProphet previously raised funding from private investment group Yellowwoods.
The start-up is keen to continue attracting AI and machine learning talent in South Africa. — © 2018 NewsCentral Media