Spatialedge, a South African startup providing data and applied artificial intelligence (AI) solutions, has raised ZAR60 million (US$3.1 million) to further its goal of revolutionising the retail sector.
Spatialedge is a big data and applied machine learning solutions firm that was founded in Stellenbosch in 2017. Its mission is to help businesses quickly develop and implement reliable machine learning solutions.
After achieving revenue of over ZAR300 million (US$15.7 million), the company has grown exponentially and has secured ZAR60 million (US$3.1 million) in capital from Hlayisani Capital.
Retief Gerber, CEO of Spatialedge, stated, “We have worked directly with our customers for seven years, researching, developing, and delivering cutting-edge, tailored solutions that solve real-world business problems.”
“We are now able to accelerate the process of releasing these solutions into the market and make them accessible to more customers thanks to this recent investment boost.”
With the additional funding, Spatialedge plans to improve its product lineup and increase its R&D activities.
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