Imubit is an Israeli startup that has developed an artificial intelligence (AI) process optimization platform for refiners and chemical operators. Imbuit has raised $30 million in a Series B round led by Zeev Ventures and Insight Partners, with participation from Spider Capital and Upwest Labs. This brings the total investment in Imubit to $50 million to date.
Founded in 2016, Imubit offers the Imubit Closed Loop Neural Network. This is an AI process optimization technology that Imubit states enables plant managers to “discover, engineer and monetize process optimization opportunities considered impossible until now.”
Imbuit boasts that this is the first-ever technology of its kind in the industry and that their neural network solution interconnects planning and economics, process engineering, process control and operations, in using historical data to learn subtle nonlinear dynamics, and optimize economically critical plant parameters in real time. This end-to-end solution is currently running in the world’s largest refining and petrochemical plants, unlocking millions of dollars a year in annual margin for operators.
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Imubit is led by globally-renowned, Google-endorsed machine learning scientists and world-class hydrocarbon processing experts with over 220 years of industry experience.
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.”