Taiwan-based auto machine learning solutions developer, Profet AI, has earned $5.6 million in a funding round that was led by Darwin Ventures.
Its existing investors Hive Ventures, AUO and SVTI also participated in the round, joined by Darwin Ventures, Harbinger VC, and Jensen Capital Management.
The new investment will allow Profet AI to accelerate its overseas expansion into Japan, Southeast Asia and China. The company also intends to further develop its AutoML Virtual Data Scientist Platform and Ready To Go Applications and accelerate new product development.
Established in 2018, Profet AI is a significant enabler of corporate digitalization worldwide.
“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 the company’s Founder and CEO Jerry Huang.
In a statement, the company said that 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.
Asia Pacific currently reports the highest growth rate in the enterprise AI market, unveiling market opportunities that Profet AI is seeking with its planned overseas expansion.
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).
It currently has two flagship solutions: Profet AI’s AutoML Virtual Data Scientist Platform, which is 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 of Hive Ventures, said that 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.
He said that 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.
Profet AI’s AutoML Virtual Data Scientist Platform is based on empowering, which quickly enables digital transformation and intelligent evolution in the manufacturing industry, according to Kay Lin, Partner at Darwin Venture Management.
Lin said Darwin is very optimistic of Profet AI’s strengths as they also plan to leverage on their solid background in the semiconductor and electronics industry to actively assist Profet AI’s market development.
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, TC Chou, President of Harbinger Venture Capital, said.
Chou added that the experience of old masters in the company can be systematically passed on as they expect to ally with Profet AI to accelerate the development of smart factories.
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.
The company has doubled its revenue in 2022, a demonstration of strong growth with a capital efficiency ratio of over 1:1.
Profet AI 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.