The South Africa-based data and applied artificial intelligence (AI) solutions startup Spatialedge has secured ZAR60 million (US$3.1 million) in funding to support it in its mission to transform the retail industry.
Launched in Stellenbosch in 2017, Spatialedge is a big data and applied machine learning solutions company that focuses on enabling companies to rapidly build and operationalise robust machine learning solutions.
The company has experienced exponential growth, surpassing ZAR300 million (US$15.7 million) in revenue, and it has now banked ZAR60 million (US$3.1 million) in funding from the Hlayisani Capital.
Spatialedge will use the new capital to expand its research and development efforts, and enhance its product line-up.
“We have worked directly with our customers for seven years, researching, developing and delivering cutting-edge, tailored solutions that solve real-world business problems,” said Retief Gerber, CEO of Spatialedge.
“With this recent investment boost, we are now able to accelerate the process of releasing these solutions into the market and make them accessible to more customers.”
