Vanti Analytics raises $16M A round from Insight Partners to unlock AI at scale for manufacturers
TEL AVIV, Israel, Jan. 27, 2022 /PRNewswire/ -- Vanti Analytics, the Israeli startup providing AI-based solutions to help manufacturers improve the quality and efficiency of their operations, today announced that it has raised $16 million in Series A funding led by New York-based global venture capital and private equity firm Insight Partners, with participation from existing investors True Ventures and MoreVC. This latest round brings Vanti's total funding to $22 million since Smadar David and Nir Osiroff founded the company in 2019.
Vanti's manufacturing 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. Leveraging patent-pending adaptive AI technology, Vanti's no-code solution allows manufacturing teams to build and deploy predictive models within a day, thus unlocking AI scalability for manufacturers across a broad range of industries such as semiconductors, automotive, food, energy and consumer goods. Vanti will use the new funding to fuel growth, expand globally and invest in the company's next generation of AI technology.
"Coming from manufacturing organizations ourselves, we've experienced firsthand the challenges of implementing and scaling AI in these environments. We're excited to enable these capabilities for our customers and see how they go from raw data to real-time deployed models that help them meet their quality, efficiency and sustainability goals," said Smadar David, CEO & co-founder of Vanti Analytics. This investment from Insight Partners is a vote of confidence in our work to drive the entire industrial ecosystem to the next level of AI adoption. We're thrilled to be leveraging the support and experience of Insight Partners, as well as our other outstanding investors, on this journey."
"Vanti is solving a critical pain point for manufacturing teams by enabling them to achieve true AI-driven insight into performance across the production value chain," said Jon Rosenbaum, Managing Director at Insight Partners. "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. Insight is excited to partner with Smadar, Niro and team on this exciting next step in the company's growth journey."
According to the latest McKinsey Global Survey on AI, 60% of manufacturing companies that adopt AI are seeing cost reductions of more than 10% and revenue increases that can exceed 10%. At the same time, companies are struggling to implement AI at scale, as they lack the right practices to sustain models in dynamic production environments as well as explainability for those models, as noted in a recent survey by KPMG. Using Vanti's autonomous AI platform, manufacturers are able to optimize their production lines to predict quality issues in-line to increase yield, save materials usage and avoid costly recalls. The technology has been adopted by major manufacturers such as Seagate and Flex.
"The speed at which the iterations can be performed is remarkable, model development that would normally take several days can now take just hours. Also, the model development can be democratized. This will allow faster scaling and ownership of the solutions," said Agnes Zarate, Sr. Manager of the Global Wafer Systems at Seagate.
About Vanti Analytics
Vanti is the only scalable AI product for Manufacturers. Using Vanti's SaaS solution, manufacturers are able to identify, explain and prevent defects early in their production processes. The platform doesn't require any data science knowledge and models can be trained and validated within just a day, unlocking the AI scaling challenge for its customers.
About Insight Partners
Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software ScaleUp companies that are driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and has raised through a series of funds more than $30 billion in capital commitments. Insight's mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Across its people and its portfolio, Insight encourages a culture around a belief that ScaleUp companies and growth create opportunity for all. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.