Tunisian artificial intelligence business solutions startup InstaDeep, which aims to democratize machine learning across the continent, is the latest African firm to attract investment.
Founded in Tunis in 2014, the company’s $7 million Series A round was led by Tunisian private equity firm AfricInvest, according to a press statement.
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Silicon Valley-based investment firm Endeavor Catalyst participated in the round.
The Tunisian firm leverages deep reinforcement learning, machine learning, and predictive analytics to create artificial intelligence solutions that can help companies to make better business decisions, Ventureburn reports.
The startup is now based in London, with offices in Paris, Tunis, Nairobi and Lagos, according to EU-Startups.
Co-founder and CEO Karim Beguir says in the press statement that his company is on a mission to democratize machine learning in Africa.
He believes that a partnership with AfricInvest is the right way to accomplish that mission.
AfricInvest is a leading private equity firm in Africa with $1.5 billion in assets under management.
The Tunisia-based equity firm is partnering with French firm Cathay Capital to launch a new $168 million African tech fund, Weetracker reports.
This partnership, as well as AfricInvest leading the InstaDeep round with participation from Endeavor Catalyst, shows the Tunisian firm’s willingness to partner with Western companies to fund African tech startups.
Launched in 2012, Silicon Valley-based Endeavor Catalyst is the co-investment fund of Endeavor.
It was set up to invest exclusively in Endeavor Entrepreneur-led companies and has raised more than $100 million in philanthropically donated and invested capital, according to a press release.
