African Artificial Intelligence (AI) Software and Solutions company Cortex Logic has launched a new fund for AI-focused startups. Known as Cortex Ventures, the venture will serve as Africa’s one-stop-shop for AI-focused start-ups and scale-ups seeking early or growth stage funding – coupled with the unique opportunity to tap into the Cortex Group’s technical advisory, AI-application development capabilities and co-working space.
“ The AI play is so large, that we decided it would be beneficial to create a Venture Capital company focusing on companies, innovators, and entrepreneurs working with AI-based technologies – specifically leveraging Data Science, Machine Learning or Deep Learning in their stack.’’ Dr Jacques Ludik, Cortex Group Founder and CEO said.
He noted that the world of AI is recognizing a global explosion of new companies seeking investment, and the new VC intends to fill that gap – especially those seeking early-stage funding, traditionally dubbed high risk by more traditional VCs and investment entities such as banks, angel or private investors.
Fellow entrepreneur, 20-year tech veteran, Cortex Group CMO, and Director Cortex Ventures, Dr Nick Bradshaw stated, “There has never been a better time to be a tech entrepreneur in the AI space. Things that could only be dreamt of two or three years ago, are now possible – access to free and cost-effective resources via open source, APIs and cloud providers such as Microsoft, AWS, Google and IBM are propelling these possibilities.
‘’’As a VC, focusing on both early and growth stage businesses, we are supplementing traditional support VCs offer with unique access to AI Developers and Data Scientists, product advisory services, and a FREE co-working space. This will allow us to remain close to and continuously guide the companies and partners we are working with, ultimately ensuring their success”.
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