Enterprise artificial intelligence (AI) startup InstaDeep has raised US$7 million in Series A funding from AfricInvest and Endeavor Capital to expand AI opportunities in Africa.
Founded in Tunisia in 2014 but now headquartered in London having gone global, InstaDeep delivers AI products and solutions for the enterprise sector, and also has offices in Paris, Tunis, Nairobi and Lagos.
Powered by high-performance computing and outstanding research and development breakthroughs, InstaDeep utilises deep reinforcement learning and other advanced machine learning techniques to create AI systems that can optimise decision-making processes in real-life industrial environments.
It has now raised $7 million in Series A funding in a round led by ]pan-African private equity firm AfricInvest with participation from Endeavor Catalyst, a New York-based co-investment fund under Endeavor.
The funding supports the development of a new scalable product platform aimed at empowering enterprises with better decision-making using AI, leveraging deep reinforcement learning and other advanced machine learning technologies to bring AI to applications within an enterprise environment, allowing companies to optimise decisions and improve efficiency.
“Through our own cutting-edge research, we have developed a platform that goes beyond what we have seen in AI applications in the past. It can tackle challenging optimisation and automation challenges in dynamic and complex environments such as, but not limited to, mobility, logistics, manufacturing and energy. We already see that our product is providing real value and ROI for our clients,” said Karim Beguir, co-founder and chief executive officer (CEO) of InstaDeep.
Through its strategic partnership with AfricInvest, InstaDeep also aims to continue bringing advanced AI opportunities to Africa.
“We want to grow an African AI success story and are on a mission to democratise machine learning in Africa. By partnering with AfricInvest, we can leverage their operational expertise and strong business knowledge on the continent, and together accelerate talent and positive use of AI,” Beguir said.
Through its investment, AfricInvest expects to meaningfully contribute to this development.
“InstaDeep has managed to establish an excellent reputation for delivering solid and unique AI solutions, and we are excited to see what they can deliver next with the support from AfricInvest. We believe the company has a bright future ahead and could lead the development of the AI sector throughout the continent and beyond,” said Khaled Ben Jilani, the firm’s senior partner.
“AfricInvest will draw on its African business expertise to support InstaDeep’s research and development, and also their talent development program. Together, our combined knowledge will help the African continent rise to the opportunities offered by AI.”