Zimbabwean startup Ocular AI, which allows teams within organisations search, visualise, and automate workflows on a single platform, has been selected for the W24 batch of the renowned Silicon Valley-based Y Combinator accelerator.
The W24 batch of Y Combinator, which played a role in the early days of companies like Airbnb, Coinbase and Dropbox, among others, W24, kicked off in January, with 163 startups so far having been named as participants.
Disrupt Africa reported recently Nigerian fintech startups Cleva and Miden had been confirmed as the first two African participants, and they have now been joined by Ocular AI, which focuses on designing and developing custom AI solutions for businesses with AI problems. The startup provides businesses with software and services that help unlock the true value of their data or automate their tasks.
Ocular AI has secured access to YC’s new standard deal, announced in 2022, through which it invests US$125,000 for seven per cent equity, plus an additional US$375,000 on an uncapped SAFE with “Most Favoured Nation” (MFN) terms.
Y Combinator has cooled down on Africa since its W22 batch, when 24 startups from the continent took part. The number of African startups taking part in Y Combinator has steeply declined since – there were only seven in S22, three in W23, and three in S23.
The accelerator’s alumni features continental royalty such as Flutterwave, Paystack and Kobo360 (not to mention Cowrywise, MarketForce, Kudi, WaystoCap, WorkPay, Healthlane, Trella, 54gene, CredPal, NALA and Breadfast). It occupies an ambiguous position within Africa’s startup ecosystem, but is lauded by entrepreneurs for the positive impact it has on their businesses.
