SA’s deep tech companies to receive growth capital from Solcon Capital and the IFC
The World Bank Group member development finance institution IFC and investor Solcon Capital, both based in South Africa, have announced a strategic partnership to find and foster investment opportunities in the deep tech space in both India and South Africa.
Convergence Partners Investments, a deep tech investment firm founded by Andile Ngcaba in 2003, underwent a name change to Solcon Capital in June of last year, coinciding with a major initiative to support platform economics-driven global deep tech growth.
Founded in 2003, the organization presently recognized as Solcon Capital is a prominent player in the global deep tech investment space, specializing in quickly developing technology subsectors. The goal of Solcon Capital is to increase the impact of game-changing technologies such as blockchain, space technology, and artificial intelligence.
The company has now declared its collaboration with IFC, whereby the two will work together to identify and finance the expansion of deep tech companies that show promise. Critical areas like big data, cybersecurity, IoT, 5G, and AI will be the focus of this initiative.
“This exciting partnership combines IFC’s expertise in supporting private sector growth in emerging markets with Solcon Capital’s deep tech investment, acumen, and outstanding global investment track record,” said Sarvesh Suri, IFC’s regional industry director for infrastructure and natural resources in Africa.
“This is an exceptional opportunity to leverage our combined strengths to make a lasting impact by fostering innovation and growth in the deep tech sectors in South Africa and India, in the context of IFC expanding its scope into infratech globally.”
The move, according to CEO of Solcon Capital Pramod Venkatesh, promises to change the deep tech scene in South Africa and India.
“It’s a partnership that represents the strategic alliance aimed at unlocking and nurturing significant investment opportunities within the deep tech sector and by combining IFC’s extensive experience and Solcon’s two-decade journey of spearheading deep tech innovations, these investments will catalyse the digital economies of both markets”, he said.
