Locstat, a Cape Town-based AI firm received funding to expand operations

Locstat, a Cape Town-based advanced analytics business, has secured capital as it prepares for expansion.

Locstat is a graph-based AI and event processing solution for continuous analysis and visualisation of real-time and static data from a variety of sources, which was founded in 2016.

The startup’s AI technology analyses the link between data points and beyond, enriching the information used for analytics and informing improved decision making, allowing consumers to get previously unknown insights. Fraud detection, customer journey mapping, rules engine, and geospatial analytics are just a few of the services that the technology can help in real-time.

Locstat is a graduate of Grindstone Accelerator, a structured entrepreneurship development programme that helps high-growth, innovation-driven companies, and has now received undisclosed funding round from Grindstone Ventures, a ZAR100 million (US$6.5 million) fund dedicated to primarily funding startups that have completed or are currently a part of, Grindstone Accelerator. The startup is currently on the lookout for new opportunities.

“We are pleased to continue our journey with Grindstone and appreciate their continued faith in Locstat. We are well on our way with our scaling ambitions and based on recent traction are exceeding our own expectations and confident that we will continue to add value to our customers,” said Ryno Goosen, CEO and co-founder of Locstat, said.

Grindstone Ventures managing partner Catherine Young expressed her delight at the addition of Locstat to the firm’s portfolio.

“Graph-based AI processing functionality turns information into valuable insights and is one of the fastest-growing trends in the area of data. We believe Locstat will change the way companies solve complex problems in real-time,” she said.