Profet AI, 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 Darwin Ventures, Harbinger VC, 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 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.
“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 ProfetAI.
Founded in 2018, Profet AI provides auto-machine learning solutions for semiconductors, 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 its 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, of Hive Ventures.
“The AutoML Virtual Data Scientist Platform of Profet AI is based on empowering, which quickly enables digital transformation and intelligent evolution in the manufacturing industry. Darwin is very optimistic about Profet AI’s strengths and will leverage our solid background in the semiconductor and electronics industry to actively assist Profet AI’s market development,” said Kay Lin, Partner at Darwin Venture Management.
“The No-code platform of Profet AI significantly lowers the threshold for use and allows users with only basic knowledge of machine learning to become industrial AI experts. The experience of old masters in the company can be systematically passed on. We expect to ally with Profet AI to accelerate the development of smart factories,” 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® 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.
The Taiwan-based machine learning solution provider will focus on expanding into Japan, Selected Southeast Asian countries, and China along with enhancing its product offerings.
About Profet AI
Profet AI is a manufacturing artificial intelligence 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 panels, and material solution providers.
For more information, visit www.profetai.com
About Hive Ventures
Hive Ventures is a global venture capital firm committed to accelerating technological advancements from Taiwan to build a smarter, hyperconnected world. Led by a team of entrepreneurs with deep expertise in AI and big data, the firm invests in early-stage companies developing the building blocks of AI, SaaS, Blockchain, and other future technologies, making it Taiwan’s leading fund focused on startups in these industries.
With an extensive global network and a strong entrepreneurial and technological background, Hive Ventures aims to raise the profile of Taiwanese-led startups and drive Made in Taiwan 2.0 internationally. It has a track record of backing companies that break data silos, accelerates development and enterprise collaborations/processes, and enhance Taiwan’s brand as the leading market in AI and SaaS innovations, including successful co-investments with other leading strategic and financial investors in the region.
For more information, visit www.hiveventures.io
