On 30 November 2017, Sagarmatha Technologies announced that it will invest $1 Million in an African Artificial Intelligence startup as part of the AI Revolution Challenge.
The AI Revolution Challenge aims to promote artificial intelligence on the African continent and showcase emerging businesses and top talent working to build expertise in their countries. “Africa as a continent is creative and has unique perspectives, providing a fertile space for innovation and disruption,” says Paul Lamontagne, CEO at Sagarmatha Technologies.
A panel of seasoned investors and experts in Artificial Intelligence will offer their global and technology experience to select up to 20 startups to attend the final event. Finalists will be flown to South Africa in May 2018.
Sagarmatha Technologies will provide the $1 million in development funding and more than double that in marketing value-ads and prizes to the leading African AI startup.
“The business case for Africa is very strong and I see the continent at a tipping point if we embrace the Fourth Industrial Revolution. There are trailblazing innovators and disruptors on the continent and we hope to shine the light on these pioneering entrepreneurs,” said Lamontagne.
Businesses who illustrate the following criteria will be considered:
- Businesses that currently offer (or intend to) a product, service or platform that utilise AI techniques, as defined by relevant scientific research
- The product or service demonstrates commercial applications worldwide
- Have had a minimum investment of $25,000 at date of application, either in seed funding or sweat equity / loans.
Applications for the challenge close on 31 March 2018. Only companies registered and resident on the African continent may apply. Further information is available at www.airevolution.africa.