Reasons why funding into African AI startups remains poor despite a global boom

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Nick Barker

July 27, 2021 | Less than a minute read

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Reasons why funding into African AI startups remains poor despite a global boom

Growth of AI in Africa

Even with low funding, activity in the sector like everywhere else in the world is slowly beginning to pick up. The creation of learning algorithms like deep learning, chatbots and neural networks, which allow the software to learn from experience and upgrade themselves, has made AI increasingly important.

These developments, in addition to new funding, are gradually opening the lid on the AI Sector.

Before now, there was funding here and there (for example, South Africa’s IoT.nxt raised $7.7 million in 2017) as well as the presence of several pioneering startups like SA’s BrandsEye and the Egyptian startup, Affectiva (2009). However, beyond these, there was no significant growth to signify the emergence of the sector.

Read the full article via Technext


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