Manufacturing AI company Vanti Analytics closes USD4.5m seed round led by True Venture and More VC
Vanti Analytics has closed a USD4.5 million seed funding round led by Silicon Valley venture capital firm True Ventures and Israel's More VC.
The round includes participation from Israel's i3 Equity Partners, who invested in 2019 alongside Ariel Maislos.
The manufacturing AI company is developing a self-service platform that helps manufacturing operations teams increase yields and throughput for electronic products. As part of the raise, Vanti has welcomed Rohit Sharma, partner at True Ventures, to the company's board, along with Meir Ukeles, partner at More VC. Including this round of funding, Vanti has raised $6 million total since Co-founders Smadar David and Niro Osiroff started the company in 2019.
Manufacturing companies today are in a continuous race to launch the latest technology, meet market demands and stay competitive while maintaining the highest standards of quality. Vanti's founding team members have personally faced the challenges of this field and developed solutions while in previous roles spanning the automotive, semiconductors and communication industries. David and Osiroff are now on a mission to empower all manufacturers to meet their goals by putting the data they collect to better use.
Vanti's SaaS software platform autonomously leverages machine learning to dramatically reduce ramp-up time, errors and test time for electronics manufacturers. Using the platform does not require any data science knowledge. Easy-to-understand insights allow manufacturers to optimize quickly and see an increase in productivity within just hours of deployment.
"As a manufacturer in a very competitive environment, we're always looking to speed up ramp-up time and serve our customers with the highest quality, volume and price," said Omer Keilaf, CEO and co-founder of Innoviz Technologies, a leading supplier of LiDAR for the automotive industry. "That's exactly where Vanti's platform comes into the picture. We liked how fast it was integrated and demonstrated value leveraging our operations data."
Unlocking the multi-billion dollar potential impact of AI has been a long-term goal for the manufacturing industry, however adoption is still low. According to a study conducted by Gartner, a heaping 85 per cent of machine learning projects will fail due in part to a lack of data science skills and erroneous algorithms.
"We like to partner with founders who have, foremost, worked together successfully and also tangled with a problem firsthand before offering a scalable solution to customers," says Sharma. "Smadar and Niro bring a unique perspective to the improvement of manufacturer analytics given their deep expertise in machine learning as it applies to semiconductor and electronics manufacturing."