Developer of AI solutions for industrial manufacturing processes, Razor Labs, has announced the successful completion of its Initial Public Offering, making it the first Artificial Intelligence (AI) company to go public on the Israeli stock exchange.
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.
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.
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).
Razor Labs is the first technology company to IPO after having raised significant revenue without previous investments. Until now, Razor Labs has operated in bootstrap mode, building revenue from sales without third party investments. Through the process of its IPO in February 2021, the company has raised $36 million.
The company is allocating the new capital to expedite its development and expansion plans, through accelerating the strategic global collaborations, expanding 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.”
For more information: https://www.razor-labs.com/