According to a recent survey conducted by CNBC, 81% of executives worldwide say that artificial intelligence will play a critical role in how their businesses operate this year.
The first generation of artificial intelligence deals with pattern, text and image recognition, but companies are moving to decision-making artificial intelligence, which helps them make timely decisions in complex spaces.
Alpha Intelligence Capital and CDIB led a $100 million Series B financing for InstaDeep, an enterprise artificial intelligence startup that creates decision-making systems for solving real-world problems.
The company behind Pfizer's COVID-19 vaccine, BioNTech, was one of the companies that participated in the round.
The company was founded by Zohra Slim. The startup is based in London and has offices in Paris, Tunis, Lagos, and Cape Town.
The chief executive officer of the company said on a call that the company's artificial intelligence and machine learning solutions solve an array of challenges.
A shipping company is trying to automate scheduling for 10,000 trains, while another is trying to efficiently transport thousands of containers to a railway station. A printed circuit board is used for the design of advanced therapies.
There are similarities between these types of problems. Reinforcement learning is a kind of machine learning that helps design and tackles optimization strategies.
The company said in a statement that it is working on a product to automate railway scheduling. The rail operator is the largest in Europe.
Two years ago, InstaDeep formed a multi-year strategic collaboration with BioNTech to launch a joint artificial intelligence innovation lab. The lab wanted to use the latest advances in artificial intelligence and machine learning to develop novel immunotherapies.
It created an early warning system for detecting high-risk SARS-CoV-2 variant in late November. According to a report by the Financial Times, the EWS detected Omicron three days before it was classified as a variant of concern by the WHO.
The early detection system for desert locusts in Africa was created by InstaDeep and is one of the things it has worked on.
All three organizations are investors in the new financing round.
With them being our partners and customers, they have been able to see firsthand what the team can achieve.
The InstaDeep CEO is Karim Beguir.
In the past four years, Slim and Beguir have pumped revenue from clients back into the business. The startup raised $7 million in a Series A round of funding.
A global company using artificial intelligence to solve complex problems with significant monetary value has established itself. It costs hundreds of millions of dollars to build a kilometer of railway. Providing an intelligent system that can help with train traffic and manage constraints better is highly desirable.
The enterprise artificial intelligence company plans to accelerate the launch of disruptive artificial intelligence products across a number of industries. Advancing its computing infrastructure, expanding into the U.S. and hiring more talent are all part of its use of funds strategy.
There are over 170 employees at InstaDeep. Half of the team is based in Africa, including South Africa, Nigeria and Tunisia.
Africa wasn't included in the picture of the contribution of Artificial Intelligence to global economic growth. South Africa's Aerobotics and hearX Group are two of the few African companies trying to change the status quo and give Africa a say in shaping the future of artificial intelligence.
We have built a culture of high standards and proved that the talents in Africa are capable of being competitive, working and collaborating with the very best. We are proud to have a team which is now over multiple countries in Europe, Middle East and Africa, but has some very passionate African researchers, engineers making a tangible contribution.
Many investors and onlookers within the African tech and artificial intelligence space doubted the company's goal to collaborate when it started with two laptops, $2,000 and a lot of enthusiasm.
If technology has taught us anything, it's that location doesn't make a difference in getting global customers. If companies have access to knowledge, talent, and an open community, then this holds more true for deep tech.
He studied engineering and mathematics in France and the U.S. after growing up in Tunisia.
After a classical career background, he started InstaDeep to prove that African talent could be competitive, make a difference in deep tech and collaborate and compete with the best in the world.
It is possible to create a globally competitive company with strong African roots, but also well integrated into the world working on genuine deep-tech innovation, and doing things that haven't been done before, according to the CEO.
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