Tunisia-founded London AI start-up raises $7m
The now London-based start-up uses advanced machine learning to bring AI to applications within an enterprise environment, allowing companies to optimize their decision-making process and improve efficiency.
Founded in 2014 by Karim Beguir and Zohra Slim, it provides solutions to a broad range of industry including mobility, logistics and energy.
The investment was led by leading Tunisian private equity firm AfricInvest and joined by Endeavor Catalyst.
It will be used to support the development of a scalable product platform which uses AI to help businesses make better decisions.
Despite the company’s move to London, the start-up maintains a base Tunisia where it employs over 30 people.
Karim Beguir, co-founder and CEO of InstaDeep said he wanted to grow an African AI success story.
“[We] are on a mission to democratise Machine Learning in Africa,” he said.
“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.”
“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.”
Khaled Ben Jilani, a senior partner at AfricInvest, added, “InstaDeep has managed to establish an excellent reputation for delivering solid and unique AI solutions, and we are excited to see what they can deliver next with the support from AfricInvest.
“We believe the company has a bright future ahead and could lead the development of the AI sector throughout the continent and beyond.
“AfricInvest will draw on its African business expertise to support InstaDeep’s research and development, and also their talent development program. Together, our combined knowledge will help the African continent rise to the opportunities offered by AI.”