Profet AI Closes US$5.6M Series A Round To Fuel Regional Expansion And Product Development
PR99387
TAIPEI, Jan. 5, 2023 /PRNewswire=KYODO JBN/ --
Profet AI (https://www.profetai.com/?lang=en), a Taiwan-based developer of auto
machine learning solutions, has raised US$5.6 million in a Series A funding
round led by Darwin Ventures. Existing investors Hive Ventures, AUO and SVTI
also participated in the round, joined by Harbinger Venture Capital, and
Jensen-Capital Management. Profet AI will use this funding to accelerate its
overseas expansion into Japan, Southeast Asia and China, further develop its
AutoML Virtual Data Scientist Platform
(https://www.profetai.com/automl?lang=en ) and Ready To Go Applications
(https://www.profetai.com/ready-to-go-applications?lang=en) and accelerate new
product development.
Enterprise AI is a significant enabler of corporate digitalization worldwide.
The market is projected to grow globally at a compound annual growth rate
(CAGR) of 34.6 percent from 2022 to 2030[1] as more enterprises employ AI and
machine learning tools[2] to drive predictive algorithms and applications for
operational optimization. The Asia Pacific currently reports the highest growth
rate[3] in the enterprise AI market, unveiling market opportunities that Profet
AI seeks through its eventual overseas expansion.
"Profet AI is designed for rapid model development and deployment to deliver
instant time to value for enterprises around the world. Our solutions have been
very well-received in Taiwan, giving us confidence that we can deliver value to
more enterprises in other markets – beginning with Japan, Southeast Asia, and
China. We will be looking at establishing joint ventures with strong partners
in overseas markets to ensure the right product-market fit for each location,
and we look forward to supporting more companies in leveraging the power of
machine learning in the coming year," said Jerry Huang, Founder & CEO of Profet
AI.
Founded in 2018, Profet AI provides auto machine learning solutions for
semiconductor, electronics, chemicals and textile manufacturers to boost their
operational efficiencies with the power of artificial intelligence (AI). The
platform has two flagship solutions: Profet AI's AutoML Virtual Data Scientist
Platform, a no-code development program powered by its AutoML engine that
enables users to rapidly design and develop enterprise AI applications for
their everyday processes; and Ready To Go Applications, which is built on
Profet AI's enterprise AI platform and is a library of tried and tested,
industry specific "Plug & Play" AI applications ready to be deployed and
hyper-scaled in any public cloud or on-premises environment.
"In today's digital age, it is crucial that enterprises adopt the best tech
solutions to optimize their operational growth and avert digital transformation
challenges. Profet AI has established an impressive track record of
fast-tracking enterprise AI adoption via their plug-and-play AI applications,
which helps enterprises optimize their productivity and gain a competitive
advantage. The company has come a long way since we began supporting them, and
we look forward to its next stage of growth," said Yan Lee, Founder and
Managing Partner, Hive Ventures.
"Moving forward, companies in the manufacturing sector must digitalise their
operations to ensure success and continuity. Profet AI's AutoML Virtual Data
Scientist Platform enables this digital transformation as it enables companies
to rapidly develop and deploy Industrial AI applications, resulting in
maximised efficiency through streamlines operations," said Kay Lin, Partner at
Darwin Venture. "We have high hopes for Profet AI's contributions to the
manufacturing industry potential and will leverage our extensive experience in
the semiconductor and electronics sectors to actively support them in market
development.".
"Profet AI's no-code AutoML platform democratises AI for the manufacturing
industry by improving accessibility of machine learning capabilities for people
who may not have the necessary expertise in coding. Furthermore, with talent
attraction being a huge pain point in the industry, Profet AI's no-code AutoML
platform is the perfect solution for companies to retain their domain know-how
and tackle talent shortages. As such, we are excited to join forces with Profet
AI to accelerate the development of smart factories powered by AI and machine
learning (ML) - powered technologies," said TC Chou, President of Harbinger
Venture Capital.
Since its establishment, Profet AI has been trusted by leading brands in
various manufacturing industries and has accumulated more than 100 customers
across 12 major industries, successfully assisting world-renowned companies
such as ASE Inc., Qisda Corporation, Everest Textile, WUS Printed Circuit,
Symbio Inc., AUO, and Cheng Shin Rubber etc., to achieve AI-empowered core
manufacturing competitiveness.
Profet AI doubled its revenue in 2022, demonstrating strong growth with a
capital efficiency ratio of over 1:1. The firm was also recently selected as a
representative company in the Data Science and Machine Learning (DSML) category
in the 2022 Gartner(R) Market Guide for Artificial Intelligence Startups in
Greater China, a leading international IT research and advisory firm. In the
near future, the firm will be concentrating on product development and overseas
expansion as it furthers its mission of empowering more enterprises by helping
them rapidly adopt, deploy, and scale Industrial AI solutions for optimal
operational efficiency.
About Profet AI
Profet AI is a manufacturing auto machine learning software company that
provides an end-to-end no-code AutoML platform and on-demand AI application
knowledge base to enable industry sectors or IT professionals to quickly build
high-quality predictive models and rapidly deploy AI applications to solve
daily production and digitization challenges. EMS, Semi-OSAT, PCB, IC design
houses, display panel and material solution providers.For more information,
visit https://www.profetai.com/?lang=en
[1]
https://www.grandviewresearch.com/industry-analysis/enterprise-artificial-intelligence-market-report
[2]
https://www.mordorintelligence.com/industry-reports/automated-machine-learning-market
[3] https://www.mordorintelligence.com/industry-reports/enterprise-ai-market
SOURCE: Profet AI
Image Attachments Links:
Link: http://asianetnews.net/view-attachment?attach-id=436925
Caption: (Left) Profet AI Co-founders Foster Lin (Profet AI CTO), Jerry Huang (Profet AI
CEO), Max Chen (Profet AI CRO); (Right) Profet AI all staff, in 2023, will
actively recruit international talents to accelerate the expansion of overseas
markets.
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