In a recent development, Spatialedge, a South African-based AI software firm, has garnered R60 million ($3,154,640) in funding from the Hlayisani Growth Fund. This financial injection aims to propel the company’s product rollout and broaden its customer base.
Spatialedge envisions utilizing the freshly acquired funds to bolster its research and development initiatives, thereby enriching its suite of products and services.
This investment marks a pivotal moment for Spatialedge, coinciding with the imminent conclusion of the R700 million ($36,804,138) Hlayisani Venture Fund II.
Established in 2017 and headquartered in Stellenbosch, South Africa, Spatialedge operates at the intersection of data and applied artificial intelligence under the stewardship of Retief Gerber.
The company specializes in empowering enterprises to harness the potential of machine learning, offering a range of tools and expert engineering support for seamless integration into business operations.
With a reported exponential revenue surge exceeding R300 million ($15,768,261) and a robust portfolio boasting collaborations with numerous multinational corporations across Africa, Spatialedge is poised to revolutionize the retail landscape.
In response to this investment, Spatialedge’s CEO expressed enthusiasm, highlighting the company’s seven-year journey of collaborative research and solution delivery to address real-world business challenges.
“We are thrilled by this infusion of investment, which accelerates our ability to bring innovative solutions to market and cater to a broader clientele,” remarked the CEO.
Central to Spatialedge’s mission is the enhancement of enterprise decision-making processes through its transformative solutions.
The Hlayisani Growth Fund, an equity investment vehicle targeting technology-driven enterprises in the growth phase, sees Spatialedge’s trajectory and contributions to the big data and AI domains as aligned with its investment ethos.
Mathew Palin, a partner at the Hlayisani Growth Fund, lauded Spatialedge’s achievements and underscored its resonance with the Fund’s investment strategy. He cited Spatialedge as a prime example of the type of companies the Fund seeks to nurture through initiatives like the Hlayisani Venture Fund II.
