AI and Machine Learning

AI process optimization platform receives funding

Recent $30 million growth round led by Zeev Ventures and Insight Partners, with participation from Spider Capital and UpWest

By Imubit August 18, 2021
Image courtesy: Brett Sayles

Imubit, which provides artificial intelligence (AI) process optimization for refiners and chemical operators, has raised $50 million to bring its closed loop neural networks to every process manufacturing plant around the globe.

Imubit’s closed loop neural network platform is an AI process optimization solution that enables hydrocarbon processing plant operators to discover, engineer and monetize process optimization opportunities considered impossible until now. Powered by its deep learning process control technology, Imubit’s solution allows the plant to execute its most profitable operational strategies on a 24/7 basis.

Gil Cohen, Imubit’s CEO, said in a press release, “Imubit’s goal is to transcend the industry beyond the decades old process control and optimization software hierarchy. The current trend of integrating AI into existing tools might locally assist the user, but does not create a step change in operations. An entirely new approach is required. We started Imubit by inventing a scientifically novel type of deep reinforcement learning. Today, we are solving previously unsolvable problems that are worth millions of dollars in annual margin to our clients. One major operator has publicly shared a $10 million per year incremental margin improvement from the optimization of a complex refining system using our Closed Loop Neural Network. Our domain expertise and client-centric approach have successfully positioned the company for profitability, stability and responsible growth.”

Zeev Ventures led Imubit’s $30 million growth round alongside global ScaleUp investor Insight Partners, with participation from existing investors Spider Capital and UpWest. This investment brings the company’s total funding to $50 million.

– Edited from an Imubit press release by CFE Media.


Imubit
Author Bio: Imubit is the leading provider of AI process optimization for refiners and chemical operators.