MaterialsZone, a leader in Materials Informatics, and Kafrit Group (TASE:KAFR), a global producer of masterbatches and compounds, announced a long-term commercial agreement. The partnership enables Kafrit Group to use MaterialsZone's platform to develop improved products and enhance customer experiences.
The manufacturing industry is grappling with increased costs and longer market and delivery times due to competition, changing demands, supply chain issues, and regulatory challenges. MaterialsZone's platform, which utilizes artificial intelligence and machine learning, helps companies like Kafrit Group process and analyze data efficiently. It leads to faster and more cost-effective product development.
Dr. Assaf Anderson, CEO of MaterialsZone, recognizes Kafrit Group as an ideal partner due to their innovative approach. Kafrit Group’s CEO, Daniel Singer, sees this partnership as crucial for staying competitive in the rapidly evolving plastics industry. "The plastics industry is very crowded and constantly changing, which indicates innovation will be key to staying competitive,” said Singer. "Tools like that of MaterialsZone will bring a much-needed data and artificial intelligence revolution into the Group, leading us into a better future and a better position in the market."
Materials and materials-based products are essential in various sectors. Despite significant annual R&D investments, many companies lack effective data utilization. MaterialsZone's platform addresses this gap, aiding in the creation of sustainable products while reducing costs.
The partnership also honors the late Nadav Goldstein, Kafrit Group’s SVP BD & Innovation, who tragically perished in Kfar Aza on October 7th, 2023. Goldstein believed that MaterialsZone would be instrumental in Kafrit Group's digital transformation, helping meet industry standards and customer needs while focusing on cost, sustainability, and functionality.
"With our global and expanding presence in the plastics industry, we constantly seek innovative tools to bolster our competitive edge and enhance the customer experience. MaterialsZone will drive us towards a better future in which we can meet industry standards and our customers' needs by enabling us to design our products with cost, sustainability, and functionality in mind."
Kafrit Group is a leading producer in the plastic industry, with over 550 employees and an annual turnover of about $300 million. The company specializes in customized masterbatches and compounds, serving various applications like agricultural films, antioxidants, and packaging films.
MaterialsZone is an innovative materials informatics company, offering an AI-driven platform for materials discovery. Founded in 2018, the company is headquartered in Tel Aviv and has received backing from Insight Partners, OurCrowd, and Sarona Ventures.
