Imubit, provider of artificial intelligence (AI) process optimization for refiners and chemical operators, raises $50 million to bring its closed-loop neural networks to “every process manufacturing plant in the world,” according to the company. The closed loop neural network platform is an AI process optimization offering that reportedly enables hydrocarbon processing plant operators to discover, engineer and monetize process optimization opportunities considered impossible until now.
"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,” says Gil Cohen, Imubit CEO. “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.”
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, according to Imubit.
For more information, visit: www.imubit.com
