The South Africa-based data and applied artificial intelligence (AI) solutions startup Spatialedge has recently raised ZAR60 million (approximately US$3.1 million) in funding, a significant boost that will enable it to further its mission of transforming the retail industry through advanced technology.
Founded in 2017 and headquartered in Stellenbosch, Spatialedge specializes in big data and applied machine learning solutions. The company is dedicated to helping businesses swiftly develop and implement robust machine-learning models that enhance operational efficiency and drive growth. Over the years, Spatialedge has achieved substantial success, witnessing exponential growth that has seen its revenue surpass ZAR300 million (around US$15.7 million).
This latest funding round was led by Hlayisani Capital, a growth equity investment firm known for backing high-potential ventures. With this new injection of capital, Spatialedge plans to significantly expand its research and development initiatives. The company aims to refine and enhance its existing product offerings while also innovating new solutions tailored to meet the evolving needs of the retail sector.
Retief Gerber, CEO of Spatialedge, expressed enthusiasm about the opportunities this funding presents. “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 Gerber. “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.”
The investment will also enable Spatialedge to further solidify its position as a leader in the field of applied AI and machine learning solutions within the retail industry. The company is committed to leveraging this technology to deliver actionable insights and streamlined processes that propel businesses forward.
As Spatialedge continues to grow and expand its reach, it remains focused on its core mission of enabling companies to harness the power of AI and machine learning to create tangible business value and competitive advantages in the marketplace.
