Cape Town-based machine learning startup DataProphet has secured a “multi-million dollar” funding round from venture capital firm Knife Capital.
Speaking with Ventureburn, DataProphet co-founder and MD Frans Cronje (pictured above) said the startup had been in discussion with Knife Capital about the deal since the second half of last year.
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He would not disclose the exact amount of the deal.
DataProphet employs machine learning to aid companies in developing products and solutions, with a particular focus on the manufacturing sector.
Prior to this deal, the startup, which was founded in 2014 by Cronje and Daniel Schwartzkopff, had previously raised funding from private investment group Yellowwoods.
The funding will be used to finance further development of DataProphets solutions and mainly to drive expansion into the US and the EU
Cronje said the funding will be used to finance further development of the DataProphets’s solutions, adding that there will be “specific emphasis on strengthening presence in the US and the EU [European Union]”, with the company aiming to actively develop sales channels in the two markets.
He said the EU, particularly singling out Germany as the region’s manufacturing hub, is a “high priority target”.
The startup has worked with automobile assemblies like leading German automobile manufacturer Daimler.
“We’ve had quite a lot of success in that process,” he said, pointing out that the company was the overall winner of last year’s Mercedes Benz Innovation Challenge.
In a statement, Knife Capital investment partner Andrea Böhmert called DataProphet 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,” Böhmert added.
Featured image: DataProphet co-founder and MD Frans Cronje (Supplied)
