Tunisian-based Enterprise AI startup InstaDeep raises $7 million in Series A funding in a round led by Tunisian private equity firm AfricInvest and joined by Endeavor Catalyst.
Founded in Tunis back in 2014 by Karim Beguir and Zohra Slim, InstaDeep utilizes deep reinforcement learning, in addition to other advanced machine learning techniques to create AI systems that can help companies make better business decisions. The startup’s headquarters is now based in London with offices in Paris, Tunis, Nairobi, and Lagos.
Karim Beguir, Co-founder and Chief executive officer (CEO) of InstaDeep says: “Through our own cutting-edge research, we have developed a platform that goes beyond what we have seen in AI applications in the past. It can tackle challenging optimization and automation challenges in dynamic and complex environments such as, but not limited to, mobility, logistics, manufacturing, and energy. We already see that our product is providing real value and ROI for our clients.”
The funding will be used to support the development of a new scalable product platform aimed at empowering enterprises with better decision-making using AI. Moreover, with the new strategic partnership with AfricInvest, the startup aims to continue introducing advanced AI opportunities to Africa.
“We want to grow an African AI success story and are on a mission to democratize machine learning in Africa. By partnering with AfricInvest, we can leverage their operational expertise and strong business knowledge on the continent, and together accelerate talent and positive use of AI,” Karim adds.