AI start-up InstaDeep raises $100mn fund expansion

InstaDeep, a Cape Town-based artificial intelligence company specializing in decision-making AI, has raised $100 million in funding. The company's high-profile backers include BioNTech, Deutsche Bahn, and Google, among others. InstaDeep's Co-Founder and CEO, Karim Beguir, attributes the attraction of these investors to the company's innovative approach to AI. Unlike classical AI, which focuses on pattern recognition, InstaDeep aims to help industrial players make complex decisions quickly using supercomputers. One of their key projects involves railway scheduling in Germany, where they manage over 10,000 train rides a day covering 33,000 kilometers. This requires a new type of AI, which InstaDeep specializes in. Their collaboration with BioNTech led to the development of an early warning system for SARS-CoV-2, demonstrating the practical applications of their technology. InstaDeep's partnerships with Google and Deutsche Bahn have also grown organically over the years through joint research initiatives. For example, they have worked on projects related to food security in Africa, such as detecting locust breeding grounds to address food safety issues. Beguir emphasizes that InstaDeep's success is built on passion, hard work, and a commitment to adding value to their partners. The company's focus on deploying AI in real-world scenarios has attracted a diverse set of investors who recognize the potential of their technology. In terms of skills development in AI, Beguir highlights the opportunities that exist for Africans to enter the field. Organizations like Deep Learning in Daba play a crucial role in connecting individuals with AI experts and resources. AI offers a variety of job roles, including AI researchers, machine learning engineers, and machine learning dev ops specialists. These roles cater to different skill sets and interests, providing a range of opportunities for young Africans interested in pursuing a career in AI. Beguir encourages aspiring AI professionals to explore these roles as there is high demand for talent in the industry. Looking at the potential for AI's contribution to African economies, Beguir believes that AI presents one of the biggest opportunities for the continent. He shares InstaDeep's humble beginnings with just $2,000 and two laptops, highlighting the transformative power of hard work and passion in building a successful AI company. By harnessing the capabilities of AI, African economies can address critical challenges such as food security and healthcare. Beguir stresses the importance of Africans taking ownership of AI development to ensure that the technology benefits the continent positively. With the right resources, passion, and connections, AI can pave the way for significant growth and innovation in Africa. InstaDeep's recent funding round not only underscores the company's potential but also signals Africa's emergence as a significant player in the global AI landscape. By leveraging AI for decision-making in industries and addressing pressing societal issues, companies like InstaDeep are spearheading the continent's journey towards technological advancement and economic growth.