(Ecofin Agency) - South African artificial intelligence firm Cortex Group announces the launch of Cortex Ventures dedicated to the financing of African artificial intelligence start-ups in search of seed or growth funding.
Apart from financial support, those startups will also receive technical support from the group.
According to Jacques Ludik (photo), CEO of Cortex Group, artificial intelligence is in rapid growth in the world and African companies should join the wagon.
“The AI play is so large, that we decided it would be beneficial to create a Venture Capital company focusing on companies, innovators, and entrepreneurs working with AI-based technologies – specifically leveraging Data Science, Machine Learning or Deep Learning in their stack. The world of AI is recognizing a global explosion of new companies seeking investment, and we intend to fill that gap – especially those seeking early-stage funding, traditionally dubbed high risk by more traditional VCs and investment entities such as banks, angel or private investors… Africa can really benefit from leveraging cutting-edge 4th Industrial Revolution technologies and we as a community need to identify the gaps to create an AI pipeline for growth. Investment funding plays a big role in making this happen and we see collaboration with other VCs, incubators, accelerators, academia, industry and government as key to job creation and economic growth. Cortex Ventures will play an important role in this, helping shape a better future for all,” he said.