South Africa’s Spatialedge, a Stellenbosch-based AI startup, has received R60 million ($3 million) from the Hlayisani Growth Fund to advance its retail technology solutions. The investment from Hlayisani, which targets high-growth African tech firms, supports Spatialedge’s ongoing expansion and innovation in the retail sector.
“We have worked directly with our customers for seven years, researching, developing and delivering cutting-edge, tailored solutions that solve real-world business problems,” said Retief Gerber, CEO of Spatialedge. “With this recent investment boost, we are now able to accelerate the process of releasing these solutions into the market and make them accessible to more customers.”
Gerber also stated that the new funding will allow the company to boost its research and development activities and improve its product offerings.
Since its establishment in 2017, Spatialedge has grown significantly, generating over R300 million in revenue and providing machine learning tools that enhance decision-making in large multinational enterprises across Africa.
The company’s AI applications help optimize various aspects of retail operations such as pricing, labor scheduling, and markdown strategies.
“Our portfolio of products is years in the making and has been meticulously crafted and refined through extensive real-world application,” said Gerber. “This hands-on experience has not only proven the effectiveness of our technologies but has also allowed for continuous improvement based on direct feedback and ever-evolving market needs.”
Gerber commented that the solutions are supported by a core platform designed to speed up the development of machine learning models and simplify their integration into a production environment.
“Spatialedge exemplifies the type of forward-thinking and impactful companies we aim to support with the Hlayisani Venture Fund II,” said Mathew Palin, partner at the Hlayisani Growth Fund. “Their proven track record with major brands and commitment to advancing the big data and AI landscape aligns perfectly with our investment philosophy. We are confident Spatialedge is well-positioned to continue to have a significant impact in the industry. We look forward to supporting them on their journey and helping them reach new heights.”
Featured image: Credit: Spatialedge
