AI process optimization startup Imubit secured $30 Million in Funding round

Imubit, a Texas-based provider of AI process optimization solutions for the chemical and refiner operators, has now secured $30 million in funding round.

Imubit is founded by Gil Cohen. It offers a cloud loop neural network platform, which is an AI process optimization solution that enables hydrocarbon processing plant operators to engineer, discover and monetize process optimization opportunities.

AI startup's solution is supported 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.

Gil Cohen, Imubit's CEO, said, "Imubit's goal is to transcend the industry beyond the decades old process control and optimization 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 $10 million per year incremental margin improvement from the optimization 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."

Josh Fredberg, operating partner at Insight Partners, Imubit, said, "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 optimize 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."

The round, which brings the total funding secured to $50 million, was backed by Insight Partners and Zeev Ventures. Other participating investors include Spider capital and UpWest.

Post funding, Josh Fredberg, the Operating Partner at Insight Partner, will join the Imubit board of directors team.

The AI startup, as of now, has plans to use the new funds to bring its Closed-Loop Neural Networks to every process manufacturing plant worldwide, notes the announcement.