InstaDeep, a startup that’s aiming to emerge as a leading AI solutions provider globally, has raised $7 million in its ongoing Series A funding.
The company announced this new development last week, further adding that the round was led by AfricInvest, a Tunisia-based private equity firm. The major contributor was Endeavor Catalyst.
InstaDeep began its journey in 2014 under the leadership of co-founders Karim Beguir and Zohra Slim. Although the company was founded in Tunisia, its global headquarters are currently located in London.
The company specializes in a diverse range of advanced machine learning techniques that include deep reinforcement learning which aims to deploy AI to improve applications within the enterprise environment. Among other perks, this allows businesses to enhance efficiency while simultaneously refining their decision-making process.
Speaking of InstaDeep’s product portfolio, the company currently offers several different AI products and solutions including (but not limited to) GPU-accelerated insights, optimized pattern recognition, as well as self-learning decision making systems. The company’s clientele includes businesses from different verticals including those in the logistics, manufacturing, energy, and mobility industries
Worth noting here that although InstaDeep moved its headquarters to London, the startup still has a formidable presence in its home turf, Tunisia. Additionally, the company also has regional offices in Paris and Lagos.
Noting that the new investment would come in handy in the company’s planned development of an enhanced scalable product platform, the company said in a statement: “The new platform marks a milestone for InstaDeep, who has seen sustained growth and achievements since its humble beginnings in Tunisia as a bootstrap in 2014 including being one of the first ever African-founded AI companies to publish original AI research at NeurIPS 2018.”