The machine learning (ML) startup DataProphet from Cape Town, South Africa is the beneficiary of a multi-million dollar funding round by Knife Capital.
Knife Capital, is a venture capital, also running from South Africa. The funding from Knife Capital will be used to scale up DataProphet operations across the globe.
DataProphet uses advance ML in the optimization and controlling manufacturing processes, thus helping its clients cut down on costs while increasing their profit margins. It has previously also received funding from Yellowwoods, a private investment group.
“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,” says Frans Cronje, the MD, and co-Founder of DataProphet.
Andrea Bohmert, an investment partner at Knife Capital, added: “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.