London-based InstaDeep is building an AI-based decision-making platform for enterprises. The startup’s platform leverages deep reinforcement learning, machine learning, and predictive analytics to optimise decisions to improve efficiency in several industries, including manufacturing, logistics, mobility, and energy, thereby increasing ROI.
Instadeep has now raised €6.3 million in Series A funding led by the pan-African private equity firm AfricInvest, with participation from Endeavor Catalyst, a New York-based co-investment fund.
“Through our own cutting-edge research, we have developed a platform that goes beyond what we have seen in AI applications in the past,” said Co-Founder and CEO of InstaDeep, Karim Beguir. “It can tackle challenging optimisation 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 new platform marks a milestone for InstaDeep, which has seen steady growth since it was founded in Tunisia in 2014. The startup was one of the first ever African-founded AI companies to publish original AI research at the Conference on Neural Information Processing Systems in 2018. Through its strategic partnership with AfricInvest, InstaDeep aims to continue bringing advanced AI opportunities to Africa.
“We want to grow an African AI success story and are on a mission to democratise 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,” said Beguir.
“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,” said Khaled Ben Jilani, Senior Partner at 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.”