Imubit, a Houston, TX-based provider of artificial intelligence (AI) process optimization solutions for refiners and chemical operators, raised $30m in funding.
The round, which brings the company’s total funding to $50m, was led by Zeev Ventures and Insight Partners, with participation from existing investors Spider Capital and UpWest. In conjunction with the funding, Josh Fredberg, operating partner at Insight Partners, has joined the Imubit board of directors.
The company intends to use the funds to bring its Closed-Loop Neural Networks to every process manufacturing plant around the globe.
Led by Gil Cohen, CEO, Imubit provides a Closed Loop Neural Network platform, an AI process optimization solution that enables hydrocarbon processing plant operators to discover, engineer and monetize process optimization opportunities. Powered by its patent-pending Deep Learning Process Control® technology, the solution allows the plant to execute its most profitable operational strategies on a 24/7 basis.