SOUTH AFRICA – Spatialedge, a South African company specializing in AI-powered software, has secured an investment of R60 million (US$3.154m), from Hlayisani Growth Fund to accelerate its product development and expand customer base.
According to the company, the fresh capital will be channeled towards bolstering its research and development initiatives, thereby enhancing its existing products and potentially adding new offerings to its portfolio.
This funding allocation heralds from the closing stages of the Hlayisani Venture Fund II, which commands a substantial fund size of R700 million (US$36.8m).
Established in the year 2017 and situated in Stellenbosch, South Africa, Spatialedge operates under the leadership of Retief Gerber. The company is recognized as an innovative startup that focuses on harnessing data analytics and applied artificial intelligence to create cutting-edge AI solutions.
Spatialedge assists enterprises in crafting and integrating machine learning technologies with proficiency and ease.
Offering both a suite of tools and access to a dedicated team of engineers, the startup lends its expertise to organizations looking to seamlessly merge these advanced solutions into their existing business frameworks.
The company has reported a remarkable surge in revenue, exceeding R300 million, equivalent to around (US$15.76m). This financial success underscores its substantial engagement with numerous multinational corporations across the African continent.
The recent infusion of capital is a pivotal accomplishment for Spatialedge, marking a significant chapter in its growth narrative.
The startup is poised to leverage this investment to drive innovation within the retail sector, with the aspiration of instigating a transformative impact on the industry through the use of machine learning and AI technologies.
In the wake of the considerable investment received, Spatialedge’s CEO articulated that for the past seven years, the company has been in close collaboration with its clientele to research and engineer solutions that tackle tangible business challenges effectively.
The CEO conveyed an enthusiasm for the newfound opportunity presented by the investment, emphasizing that it furnishes the company with the means to hasten the launch of these diligently developed solutions into the marketplace.
The fund will facilitate a wider reach, making these innovative solutions available to an expanded customer base.
Spatialedge further highlighted the objective behind its products and services, emphasizing that they are meticulously designed to enhance the quality of operational decision-making for enterprises.
The implication is that with Spatialedge’s AI and machine learning tools, businesses can expect to see substantive improvements in their strategic and operational processes.
The Hlayisani Growth Fund operates as a private equity fund dedicated to investing in high-potential, technology-driven companies within Africa that are in their growth phase.
In the first quarter of 2023, the fund launched the Hlayisani Venture Fund II (HVFII), which aims to channel investments into medium to large-sized technology-enabled companies displaying rapid growth characteristics.
The investment strategy of HVFII is oriented towards businesses with strong connections to South Africa, forming a critical part of its investment portfolio.
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