(MENAFN- Caribbean News Global)
The company leverages AI to make industrial machines smart, offering manufacturers a more cost-effective method of managing their supply chains
TEL AVIV, Israel-(BUSINESS WIRE)-#ai —Razor Labs ( ) (ticker: TASE:RZR) the leading developer of AI solutions for industrial manufacturing processes, announces the successful completion of its Initial Public Offering, making it the first Artificial Intelligence (AI) company to go public on the Israeli stock exchange. The IPO process was led by Discount Capital Underwriting.
Razor Labs transforms industrial machines into smart devices, offering manufacturers across a wide spectrum of industries a more cost effective method to manage their supply chains. Founded in 2016, Razor Labs develops Neural Networks that utilize Deep Learning-based optimization for business processes. The company's founding team is led by serial entrepreneur Raz Roditi, who serves as the CEO; CTO Michael Zolotov, an expert in Deep Learning algorithms with extensive experience in the research and development of AI; and Ido Rozenberg, an AI expert, researcher and developer of complex AI systems, and former commander at the 8200 intelligence corps unit in the Israeli Defense Forces (IDF). All three Founders have just been selected to Forbes 30 under 30 annual list in Israel.
The company's flagship product, DataMind AI transforms heavy industrial machinery to smart devices and operates as SaaS in the cloud. The product integrates with the machine's sensors remotely, identifying and predicting malfunctions as well as optimizing manufacturing processes, achieving results of accuracy and understanding even beyond human intelligence. Eliminating the need for investing in additional parts, DataMind AI identifies hidden patterns in the data so as to predict malfunctions in advance and alert to maintenance needs, thereby reducing the downtime costs and allowing organizations to repair and maintain the machinery at their convenience, ahead of time.
Until now, Razor Labs has operated in bootstrap mode, building revenue from sales, and without third party investments. Through the process of its IPO in February 2021, the company has raised $36 million and was traded on the first day by an increase of 10 percent, and at a valuation higher than $151 million (500 million NIS). Razor Labs is also the first technology company to IPO after having raised significant revenue without previous investments.
The company is allocating the new capital to expedite its development and expansion plans, through accelerating the strategic global collaborations, expanding the R & D activities, and maintaining its technological advantage in the field.
Headquartered in Tel Aviv and with offices in Australia, Razor Labs is eyeing a global expansion and looking to extend its capabilities in several locations overseas.
'The decision to take a young startup to be publicly traded instead of VC Founded means taking a journey off the beaten path and leverage the public's faith in our vision, says Raz Roditi, Co-Founder and CEO at Razor Labs. 'We've bootstrapped thus far and could have continued to do so quite successfully, but the growing demand and market potential called for a dramatic expansion, so we decided to take our company to the stock exchange. We're excited to bring our elegant and smart solution to industries across the globe.
About Razor Labs:
An industry leader in AI, Razor Labs leverages AI to make industrial machines smart, offering manufacturers a more cost-effective method of managing their supply chains. The company's experienced team works day and night to empower enterprises to reap the benefits of the AI revolution. Razor Labs is a trusted AI partner of multinational corporation's, creating visionary breakthroughs together with world leaders in numerous fields, harnessing the Israeli innovation spirit.
ReBlonde for Razor Labs
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