29 Jul IDC helps Cape Town’s young minds take industries to the Fourth Industrial Revolution
Cape Town based 31 year old Frans Cronje and his like-minded friends, came together in 2014 and used their complementary skills to establish a business that specializes in artificial intelligence and complex machine data learning. Today, Data Prophet (Pty) Ltd is a recognized global leader in Artificial Intelligence (AI) for manufacturing. The company has created technology that encompasses unique software products that are used by the manufacturing industry to reduce manufacturing defects through process optimization.
“Using machine learning and artificial intelligence within its algorithms, the technology collects and analyses data generated from the manufacturing processes of clients in real time. It then predicts and prescribes the required management actions, which will result in an improvement in the processes and reduction in the manufacturing defect or scrap rate” the company explained the effects of its technology. The company received in excess of R62 million in funding from the Industrial Development Corporation (IDC), to fund its operations, including the development of a commercialization hub that will carry out most of its global operations.
IDC’s investment will further its objective of contributing to developing a local fourth industrial revolution (4IR) industry. The transaction will also support the creation of high-skilled data scientists, engineering and create about fifty IT-related jobs. Data Prophet’s executive management team is relatively young but are considered well-balanced with demonstrable experience in their respective fields of expertise. The company boasts a strong team of forty mathematicians, statisticians and data scientists who have made it their mission to help manufacturers reach their ambitions of building smart factories that use and rely on artificial intelligence. Cronje, who is CEO and co-founder, holds a Masters in Statistics and a Bachelor of Business Science Honours in Actuarial Science from the University of Cape Town.
“We want to make our industrial artificial intelligence and machine learning solutions available to local companies operating in the foundry, automotive, milling, mineral processing and allied sectors, thus improving competitiveness in these industries and ultimately benefiting the South African economy. As a result, certain sectors in the local economy could leapfrog their global competitors, thus reversing our country’s de-industrialisation trend” they said.