South Africa-based artificial intelligence (AI) software company Spatialedge has secured 60 million rands ($3.1 million) from Hlayisani Growth Fund to accelerate product development and expand its customer base. The investment will bolster Spatialedge's research and development efforts, enhancing its capacity to provide machine-learning solutions to businesses. Founded in 2017, Spatialedge specializes in data and applied AI, assisting organizations in integrating these solutions into their systems.
With a focus on transforming the retail industry, the company has witnessed exponential revenue growth, exceeding $15.7 million, and has collaborated with numerous multinational enterprises across Africa. This funding marks a significant milestone for Spatialedge, empowering it to bring innovative solutions to market more swiftly and cater to a broader clientele.