Selected for the W24 batch of the prestigious Silicon Valley-based Y Combinator accelerator is the Zimbabwean startup Ocular AI, which enables teams within organizations to search, visualize, and automate workflows on a single platform.
The W24 batch of Y Combinator, which helped launch companies like Coinbase, Dropbox, and Airbnb among others, began in January and has since selected 163 startups as participants.
Nigerian fintech companies Cleva and Miden, which were confirmed as the first two African participants, have been joined by Ocular AI, which specializes in creating unique AI solutions for companies facing AI challenges, according to a recent report from Disrupt Africa. The startup offers services and software to companies so they can automate tasks or realize the full potential of their data.
In 2022, YC announced a new standard deal that Ocular AI has secured access to. Under this deal, Ocular AI will invest US$125,000 for seven percent equity and an additional US $375,000 on an uncapped SAFE with “Most Favoured Nation” (MFN) terms.
Following the participation of 24 African startups in its W22 batch, Y Combinator has cooled off on the continent. There were only seven African startups in S22, three in W23, and three in S23 that participated in Y Combinator. This represents a sharp decline in the number of African startups.
Flutterwave, Paystack, and Kobo360 are just a few of the notable alumni of the accelerator. Other notable companies include Cowrywise, MarketForce, Kudi, WaystoCap, WorkPay, Healthlane, Trella, 54gene, CredPal, NALA, and Breadfast. Although it has a hazy place in Africa’s startup ecosystem, entrepreneurs applaud it for the benefits it provides to their companies.
