It is no longer news that the Fourth Industrial Revolution technology development is disrupting businesses in Africa. Startups are leveraging on the likes of Artificial Intelligence, Internet of Things, Data Science, and Machine Learning to innovate business processes across multiple industrial sectors.
The more startups adopt modern technologies, the more they need funding. Accessing early-stage funds from banks is not easy because financial institutions require some level of growth and commitment before approval. It is much easier to seek fund from Venture Capital investors.
For the first time in Africa, the CorTEX Group – a strategy and technology consulting firm has launched a Venture company called CorTEX Venture. Their venture capital arm will focus only on startups seeking early-stage funding for Artificial Intelligence-powered solutions.
See also: Updates following MTN’s Listing on the Nigerian Stock Exchange
The fund is specifically for startups, innovators and entrepreneurs leveraging AI technologies like Data Science, Machine Learning, or Deep Learning. In addition to the fund, they would access technical advisory, co-working space, and Artificial Intelligence app development training.
CorTEX also launched “Click -2-Pitch Challenge” – a pitch contest for AI-focused startups and scale-up. Interested startups are invited to submit and join their investment and advice program. Submissions will be screened and reviewed by a team of investors to select the qualified few for the pitch.
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