ZIM to invest $6 million in Data Science Consulting Group
DSG to use funds to bolster development of e-volve, its holistic AI governance and decisioning management system.
NYSE-listed ZIM Integrated Shipping Services has invested $6 million in the Series A funding round of Data Science Consulting Group (DSG), a leading technology company specialising in artificial intelligence (AI)-based products, solutions and services.
"DSG expects to use the proceeds of this ZIM investment to, among others, bolster the development of e-volve, its holistic AI governance and decision management system, and to expand its operations and presence to additional territories around the globe. This investment is concluded following a successful commercial collaboration between ZIM and DSG in the creation of a centre of excellence for the development of AI tools for the maritime shipping industry," according to the statement from ZIM.
Eli Glickman, President and CEO, ZIM, says: "The centre of excellence we initiated with DSG is another prime example of a fruitful partnership ZIM has established with an Israeli startup and the successful development and implementation of AI tools to improve ZIM's business decisions. ZIM's innovative spirit, demonstrated by, among others, the adoption of various digital tools, has been an important contributor to our industry leading results and, we expect, will continue to drive our success going forward. Having worked closely with the DSG team, we see their capabilities that can support our ecosystem and are pleased to make this investment that will enable them to further grow their business."
Eyal Ben Amram, EVP & CIO, ZIM added: "There is a growing demand around the world and in our industry for AI-based products and solutions which can improve, among others, supply chain management and the accuracy of forecasting tools. The positive results of our collaboration with DSG during the past year and DSG's proven versatile experience and understanding of AI convinced us to further invest in our relationship with DSG and its team."
"We are proud of the vote of confidence which ZIM's investment in DSG represents," says Elan Sasson, CEO, DSG. "The transformation of a customer turned (also) into an investor is an indication of the impact and reward we aspire to deliver to our customers and precisely the type of relationships we aim to foster. This investment will enable us to further develop our products and technologies and expand our international footprint in markets such as Australia, Japan, and others."
DSG was founded in 2015 by Sasson, Gideon Rosenthal, a brain-science AI expert, and Shaul Abergil, a senior data scientist, as a centre of excellence in AI.