AI 50: Artificial Intelligence in Africa

Technology with High Potential

In April 2019, Silicon Valley giant Google opened its first Africa based Artificial Intelligence Research Centre in Accra, Ghana with the aim of improving healthcare, agriculture and education.

While this is clearly great news for the region, our research indicates that Artificial Intelligences is already being deployed within a broad spectrum of industries across Africa. We selected 50 companies that are deploying AI-solutions across different African markets and geographies.

Our analysis indicates that African technology companies developing or deploying AI solutions have raised a total of $335.535 million USD to date. Additionally, $25.331 million has been raised in 2020 across 27 deals. This is fantastic news for founders, and also means there have been more deals closed by AI companies in Africa than any previous year.

Artificial Intelligence broadens its appeal?

In a recent report published by PwC, a consultancy, they estimate that by 2030 Artificial Intelligence (AI) stands to add $15.7 trillion USD to global GDP in the form of increased productivity and consumption.

While specific African countries are not singled out in the PwC report, the Rest of World region of which they are a part of stands to benefit to the tune of $1.2 trillion USD. With so much activity happening in the African AI-space, does this play down the role which artificial intelligence could have in rapidly developing economies?

Recent AI Funding Rounds across Africa

In May our analysts looked into the use of AI in the healthcare sector. We learned that while this is a nascent space – with many deals occurring at the seed and pre-seed stage – it is growing rapidly, and becoming a more attractive space with early-stage investors such as The Baobab Network, HIMAngel, Ventures Platform and Founders Factory Africa.

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As always, please get in touch, or let us know who we missed!

This article was first published in October 2020.