AI & RoboticsNews

AI startup looks to transform data into AI models and applications, closes series A funding

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Profet AI today announced that it has raised $5.6 million in a series A funding round. The Taiwanese startup develops no-code AI/ML solutions purpose-built for manufacturers in a range of industries.

Founded in 2018, Profet AI seeks to enable manufacturers, a niche in the enterprise AI segment, to transform their data into AI models and applications — for example, to identify inefficiencies and improve productivity in factories.

Focus and speed: AI/ML solutions for manufacturers

Profet AI claims it can generate data models in less than a week, compared to two to three months for other solutions. It says this is possible because its solution was purpose-made for manufacturers, as opposed to other solutions developed solely by and for data scientists who are far removed from the factory environment and its specific challenges.

To accomplish this goal, Profet AI says it has worked with large manufacturers in Taiwan, such as Foxconn, to build a solution that fits their business needs. Its products are also suitable for small- to medium-sized manufacturers, that don’t have the resources for a data science team, allowing them to cut costs. Applicable industries range from semiconductors and electronics to chemical and textile manufacturers.

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Profet AI: Advancing into new markets

“Profet AI is designed for rapid model development and deployment to deliver instant time to value for enterprises around the world,” said Jerry Huang, founder and CEO of Profet AI. “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.”

Source: Profet AI

Profet AI has two flagship solutions. One is its Virtual Data Scientist Platform, a no-code development platform powered by its AutoML engine. The second is Ready To Go Applications, a library of tried and tested industry-specific AI applications, which provide a plug-and-play experience.

The products are suitable for both public cloud and on-premises deployment. For example, once a model has been created with the Virtual Data Scientist Platform, which may be in the cloud, it can then be deployed for inference on edge servers or PCs connected to the factory system. Profet AI also provides a Restful API for integration with external systems.

With the $5.6 million round, Profet AI aims to expand overseas into Japan, China and select Southeast Asia markets, as well as to further develop its products. It has already acquired over 100 customers across 12 industries, doubling its revenue in 2022.

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Author: Arne Verheyde
Source: Venturebeat

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