Profet AI, a leading provider of AI applications for the manufacturing industry, today announced excellent overall results and revealed its growth strategy for 2023, which stands under the motto of the “Leap.” Profet AI will continue to build a Taiwanese brand of enterprise application software with a market value of more than US$1 billion and will leap onto the international stage in order to create new opportunities with and for our global partners and customers in an era of great headwinds. For doing so, we accelerate our overseas market deployment, strengthen our product lines, and expand our talent recruitment & cultivation.
Deep knowledge of the manufacturing domain and easy-to-use products: Profet AI grows against the odds
During the last year, Profet AI, which has been in business for 5 years, completed its Series A fundraising and has raised over NT$200 million. The company’s R&D team has created the no-code Profet AI | AutoML platform by incorporating machine learning algorithms specific to the manufacturing industry to help manufacturers rapidly deploy AI applications. Unlike other data science or AI solutions, the Profet AI | AutoML platform enables companies to collect and upload relevant data to the platform, to automatically generate high-quality predictive models through case studies within a short period of time, and to implement AI applications within a week. The platform helps to solve factory expansion or globalization management problems, improve production efficiency, and build brand-specific AI competitiveness.
With its deep knowledge of the manufacturing industry and its easy-to-use products, Profet AI has grown over the last year against the trend and started to enter overseas markets. Currently, Profet AI has offices in Taipei, Hsinchu, and Kaohsiung in Taiwan, as well as in Japan and China. Over the last year, the number of employees has doubled, and our retention rate lies at nearly 100%. At the same time, our business scale has doubled: not only have we achieved a capital utilization efficiency of more than 1, but currently we also count more than 100 medium- and large-sized manufacturing companies across 12 major industries as our customers, of which more than 70% are industry leaders and listed companies, such as AUO, Qisda, Everest Textile, WUS Printed Circuit, Eternal Materials, and Cheng Shin Rubber, etc.
Jerry Huang, Profet AI co-founder & CEO, pointed out that the main barrier to digital optimization and transformation in today’s manufacturing industry stems from the disconnect between a multitude of product solutions and the actual situation of production lines. Since Taiwan’s manufacturing industry plays a pivotal role in the global industry chain, Profet AI is able to take advantage of its close proximity to world-renowned manufacturers to create the most suitable AI software solutions and to compete with world-class manufacturing AI brands.
2023 is the best time for deep transformations: our Three Development Strategies to create growth momentum
According to Jerry Huang, 2023 will undoubtedly be a challenging year, given the impact of supply chain problems, talent and energy shortage caused by geopolitical complications, and the multi-year epidemic. However, this is also the best time for companies to make deep transformations and seek forward development through AI technologies. For this reason, Profet AI has formulated three strategies that encompass the acceleration of our overseas market deployment, a strengthening of our product lines, and an expansion of our talent recruitment & cultivation to generate growth momentum. Through these, we continue to make great strides with our partners and customers to create leapfrog growth.
In addition to its existing presence in the Taiwan, Japan, and China markets, Profet AI will expand into Southeast Asian markets this year to capitalize on global demand for AI services. For this, we recruit more partners from around the world to reach more world-class manufacturing customers. In addition, Profet AI will continue to optimize its existing products such as the Profet AI | AutoML Platform and the Profet AI Ready To Go Applications, a knowledge base of on-demand AI applications. In the middle of this year, we also expect to launch a new product for AI lifecycle management to further empower enterprises to manage data and models and improve the quality of AI automation processes.
In response to the huge market demand, Profet AI will actively recruit talents in R&D, user experience, international business, and customer success and marketing. We expect to increase the number of employees from currently 50 to 100. As Jerry Huang stresses, the average age of Profet AI employees is 35 years, with a diverse talent pool covering different professional fields. This enables processes of learning and stimulates creativity among our team. In addition, the company will launch the Profet AI Infinity Program, which focuses on developing employees’ organizational strength, and outstanding employees of the year will be invited to become core members of the overseas expansion team. Last year, the company launched its first international internship program, which was well received by students. We will continue to offer it this year, hoping to cultivate an international perspective for local talent and lay the foundation for Taiwanese brands to establish themselves on a world-class level in the AI industry.
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