Israeli startup Vanti Analytics providing AI-based solutions to help manufacturers improve the quality and efficiency of their operations has successfully raised $16 million in Series A funding, the company announced yesterday.
This round of funding was led by New York-based global venture capital and private equity firm Insight Partners, along with participation from existing investors True Ventures and MoreVC.
Vanti Analytics was founded by Smadar David and Nir Osiroff in 2019. David and Osiroff both have engineering backgrounds and come from manufacturing organizations, giving them a deep understanding of AI challenges that can arise for manufacturers.
60% of manufacturing companies that adopt AI are seeing cost reductions of more than 10% and revenue increases that can exceed 10%", according to the latest McKinsey Global Survey on AI.
However many companies struggle to implement AI at scale because they don't have the "right practices to sustain models in dynamic production environments as well as explainability for those models."
Vanti's AI platform "provides a first of its kind, end-to-end offering overseeing the entire AI lifecycle – from raw data to development and maintenance of models."
The company provides automated machine-learning products created to help manufacturers without data science backgrounds enable production line optimization, while simultaneously maintaining high-quality standards.
Vanti's technology has been adopted by major manufacturers such as Seagate and Flex and they plan to use the new funding to "fuel growth, expand globally and invest in the company’s next generation of AI technology".
They are confident their product can "drive the entire industrial ecosystem to the next level of AI adoption", says CEO Smadar David.
Jon Rosenbaum, Managing Director at Insight Partners, says, "Vanti’s rapidly deployable solution empowers its customers to detect critical defects earlier and, with true explainability, gives them the data points needed to drive defect rates towards zero."