Imubit announces funding to expand its AI process optimisation platform

Source: press release, 16 August 2021

Imubit Closed Loop Neural Network™ Platform
Imubit Closed Loop Neural Network™ Platform (illustration: Imubit)

Imubit, provider of artificial intelligence (AI) process optimisation for refiners and chemical operators, has raised USD 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 optimisation solution that enables hydrocarbon processing plant operators to discover, engineer and monetise process optimisation 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, says, “Imubit’s goal is to transcend the industry beyond the decades old process control and optimisation 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 USD 10 million per year incremental margin improvement from the optimisation 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 USD 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 USD 50 million.

Josh Fredberg, operating partner at Insight Partners, has joined the Imubit board of directors. Of Insight’s investment in Imubit, Fredberg says, “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 optimise 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.”