In order to grow its service and make such solutions available to major businesses throughout Africa, the AI solutions company purchased South African startup Cape AI.
By empowering individuals to utilize AI technology to make wise decisions, Cape AI, a company founded in 2019 by Pieter Boon and Adit Mehta, aids in the growth of enterprises. Cape AI, a leading participant in the AI solutions market, has developed, fostered, and spun-out several AI startups.
The Stellenbosch-based Spatialedge is a big data and applied machine learning solutions provider with an emphasis on helping businesses quickly develop and operationalize reliable machine learning solutions.
Retief Gerber, co-founder, and CEO of Spatialedge, said the purchase was a wonderful bargain for all sides.
“Spatialedge has grown from five engineers to over seventy in just four years, while market demand for working AI solutions continues to grow. It has been our objective to find ways to scale faster so that we can meet the growing demand. As part of our future growth strategy, we intend to engage in a number of mergers and acquisitions, and we already have a few more deals in the pipeline. The acquisition of Cape AI has allowed us to scale and acquiring them is just the beginning,” he said.
“We are on a mission to build the best-specialized data and AI business in Africa, Europe, and beyond. Whenever a company wants to invest in AI, its options are to either go for the non-specialized offerings or one of the many small players. In the end, this often results in non-performant and lacklustre solutions. Only by putting together a high-performing organization specialized in the artificial intelligence lifecycle, from implementing solid data pipelines to rapidly rolling out new use cases, can we transform organizations and bring them into the Fourth Industrial Revolution.”
The Spatialedge company will include Cape AI as part of the transaction.
