Taiwanese startup Profet AI closes $5.6m Series A funding round to fuel regional expansion, product development

Taiwanese startup Profet AI closes $5.6m Series A funding round to fuel regional expansion, product development

Published: 05-01-2023 12:41:00 | By: Pie Kamau | hits: 3641 | Tags:

Profet AI, a Taiwan-based developer of auto machine learning solutions, has raised $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 JapanSoutheast Asia and China, further develop its AutoML Virtual Data Scientist Platform and Ready To Go Applications 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 as more enterprises employ AI and machine learning tools to drive predictive algorithms and applications for operational optimization. The Asia Pacific currently reports the highest growth rate in the enterprise AI market, unveiling market opportunities that Profet AI seeks through its eventual overseas expansion.

Jerry Huang, Founder and CEO, Profet AI: "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 JapanSoutheast 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." 

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.

Yan Lee, Founder and Managing Partner, Hive Ventures: "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." 

Kay Lin, Partner, Darwin Venture: "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. 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."

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.

TC Chou, President, Harbinger Venture Capital: "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." 

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® 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.

www.profetai.com