Imubit announces arrival with $50 million in total funding for AI process optimization platform
Summary
The company was founded in 2016 by brothers Gil and Nadav Cohen as well as Meir Tseitlin, who served together in the Israeli military’s cyber unit. Nadav served as a senior lecturer at Tel Aviv University’s Blavatnik School of Computer Science, and is a world-renowned researcher in deep learning. “Imubit’s goal is to transcend the industry beyond the decades-old process control and optimization software hierarchy,” said Gil Cohen, CEO and co-founder of Imubit.“ The current trend of integrating AI into existing tools might locally assist the user, but unfortunately does not create a step change in operations. 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.