Cape Town-based machine learning startup DataProphet, which develops and implements product development solutions to a wide range of industries, has now received a multi-million dollar funding round from South African VC firm Knife Capital to accelerate its global expansion.
DataProphet applies advanced machine learning to optimise and control manufacturing processes, helping its customers realise substantial savings and increases in yield.
The funding raised from Knife Capital, which has offices in Cape Town and London and has also invested in the likes of Quicket, will be used to boost the startup’s innovation capabilities and accelerate global expansion.
“We are delighted to welcome another credible investment partner like Knife Capital on board to become actively involved in strategic elements of the business and to open up their market access networks in pursuit of growth,” said Frans Cronje, managing director and co-founder of DataProphet. DataProphet previously raised funding from private investment group Yellowwoods.
“DataProphet is a prime example of the kind of cutting edge technologies South African entrepreneurs are capable of developing with global relevance in a fast-growing market. We were impressed with every aspect of the business during our due diligence and subsequent deal closing process, and look forward to the scale-up journey as part of the team,” said Andrea Bӧhmert, investment partner at Knife Capital.