South African AI and data startup, Spatialedge, has successfully garnered ZAR60 million (US$3.1 million) in a funding round. The initiative was led by the renowned Hlayisani Capital.
Established in 2017 and based in Stellenbosch, Spatialedge’s primary objective is to empower businesses through deploying machine learning capabilities and deciphering big data. They present an array of services such as data processing, model development, and algorithm design, aiming at providing client-centric solutions.
Despite operating in a highly competitive industry, Spatialedge has managed an impressive financial growth, already grossing revenues exceeding ZAR300 million or US$15.7 million.
Spatialedge’s funding boost for expansion
This sharp increase in profits is attributed to efficient operational strategies implanted by the dedicated management team.
The raised ZAR60 million funds will be concentrated on expanding the company’s research and development, thus enhancing the variety and sophistication of their product offerings. The influx of this substantial sum is expected to give the company an edge and help tap into yet unexplored avenues.
CEO Retief Gerber expressed his enthusiasm about the upcoming funding, emphasizing that it would not only fast-track the distribution of their solutions to a larger market but also surge up the business’s scalability and efficiency. He additionally showered gratitude on their investors for believing in Spatialedge’s vision and projected that this financial boost would lead them to set new benchmarks in the mission to deliver superior products and services.
Tom, an expert in the African tech startup ecosystem, closely monitors new businesses and fundraising events, providing constructive feedback through his insightful articles. With deep understanding of market trends and an eye for critique, he plays a crucial role in influencing discussions among investors, executives and regulators within the rapidly evolving technological landscape.
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