Imubit Announces $50 million in Total Funding to Expand its AI Process Optimization Platform
August 16, 2021
Imubit, the leader of 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 patent-pending 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, “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 unfortunately 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 latest $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.
Josh Fredberg, operating partner at Insight Partners, has joined the Imubit board of directors. Of Insight’s investment in Imubit, Fredberg said, “Insight focuses on exceptional category creating companies that are scaling revolutionary technologies while transforming industries. Imubit has solved the extremely difficult business and technological challenges of how to optimize high-value refinery and chemical plant processes that were once considered too complex and is now scaling up this new technology. We look forward to supporting Imubit on its journey.”
Imubit is the leading provider of AI process optimization for refiners and chemical operators. The Imubit Closed-loop Neural Network Platform executes the plants’ money-making operational strategies continuously and consistently. Imubit’s platform interconnects various process units while aligning planning and economics, process engineering, process control and operations around the highest valued opportunities for closed loop optimization. To learn more about Imubit, please visit Imubit.com.
About Zeev Ventures
Zeev Ventures backs passionate founders who are building market leading companies. Notable investments include Houzz, Audible, Chegg, Tripactions, Tipalti, Next Insurance, and many others. Zeev Ventures employs a lean and founder-centric approach, with a mission to support founders in their journey towards building companies that transform their respective industries. For more information, visit zeevventures.com.
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.
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