South African AI startup Spatialedge raises $3.1m to scale
TLDR
- Spatialedge, a South African data and AI startup, secures $3.1 million in funding for retail sector innovation.
- Founded in 2017 in Stellenbosch, Spatialedge excels in big data and machine learning solutions, with revenue surpassing $15.7 million.
- New funding from Hlayisani Capital drives R&D efforts and enhances product portfolio at Spatialedge.
South Africa's data and applied artificial intelligence (AI) solutions startup, Spatialedge, has secured $3.1 million in funding to advance its mission of revolutionizing the retail sector.
Founded in Stellenbosch in 2017, Spatialedge specializes in big data and applied machine learning solutions, empowering companies to swiftly construct and implement robust machine learning solutions.
With remarkable growth, exceeding $15.7 million in revenue, Spatialedge has attracted new funding from Hlayisani Capital. The fresh capital infusion will fuel the company's research and development initiatives, as well as bolster its product portfolio.
Key Takeaways
Artificial Intelligence has been generating buzz worldwide, and Africa is no exception. With the release of OpenAI's consumer-facing ChatGPT tool and the viral success of other generative AI tools like Dawn AI, Copy AI, Dall-E, and Midjourney, interest in AI has reached unprecedented heights. These tools leverage vast amounts of data, fast processing, and intelligent algorithms to generate text or images in seconds in response to user prompts. But AI’s impact goes beyond generating text or images; it's being used to solve a wide range of problems across different sectors globally, including Africa. African startups and businesses are increasingly adopting the technology in fields like healthcare, education, agriculture, transportation, and in Spatialedge's case, in retail. Quantifying the AI market opportunity in Africa is challenging, but estimates suggest it could reach $190 billion by 2025.
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