AI-driven Spatialedge secures $3 million to scale in South Africa

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April 17, 2024
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2 min read
Money pouring on someone's hand like rain. Used to depict a naira float, following the country's announcement
  • Spatialedge, an AI-driven software company in South Africa, has received R60 million ($3,154,640) from Hlayisani Growth Fund to accelerate product launch and reach more customers.
  • Spatialedge said the new funds will enable it to expand its research and development efforts and boost its product line-up.
  • This investment from Hlayisani Growth Fund comes as the R700 million ($36,804,138) Hlayisani Venture Fund II nears its end. 

Spatialedge, founded in 2017, is a data and applied artificial intelligence AI startup based in Stellenbosch, South Africa, led by Retief Gerber.

The startup helps businesses develop and implement machine learning solutions effectively. They have tools and a team of engineers available to assist organisations in integrating these solutions into their business systems.

Spatialedge claims to have seen exponential revenue growth of more than R300 million ($15,768,261) and has worked with many multinational enterprises in Africa. Furthermore, the new capital represents a significant milestone for the startup, which aims to transform the retail industry.

Following the investment, Spatialedge's CEO stated that the company has been working with customers for seven years to research, develop, and deliver solutions to real-world business problems.

“With this recent investment boost, we are now able to accelerate the process of releasing these solutions into the market and make them accessible to more customers,” the CEO said.

Spatialedge emphasised that its solutions are intended to improve enterprise operational decision-making. 

The Hlayisani Growth Fund is an equity fund that invests in African technology-powered companies in the growth stage. The Hlayisani Venture Fund II, launched in Q1 2023, seeks to invest in medium and large high-growth technology-enabled companies. The HVFII's investment portfolio focuses on South African-linked businesses.

Mathew Palin, a partner at the Hlayisani Growth Fund, stated that Spatialedge's track record with major brands and advancements in the big data and AI landscape are consistent with the Fund's investment philosophy. 

He also mentioned Spatialedge as an example of companies the Fund hopes to support through the Hlayisani Venture Fund II.

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