Spatialedge, a South African AI software firm, has secured R60 million (approximately $3.15 million) from the Hlayisani Growth Fund to speed up its product launches and broaden its customer base. The investment will also enhance the company's research and development efforts, expanding its array of products.

Founded in 2017 and headquartered in Stellenbosch, Spatialedge specializes in data and applied artificial intelligence solutions, helping businesses to deploy machine learning technologies efficiently. Under the leadership of CEO Retief Gerber, the startup offers both the tools and expertise to integrate these advanced solutions into existing business systems.

The company has achieved significant success, reporting revenue growth exceeding R300 million ($15.77 million) and establishing partnerships with numerous multinational corporations across Africa. This new funding marks a critical phase for Spatialedge, aiming to revolutionize the retail sector through its innovative solutions.

"With this latest investment, we are poised to accelerate our market release of new solutions and expand our reach to more customers,"

stated Spatialedge's CEO. He emphasized the company’s seven-year commitment to researching and developing practical solutions to real-world business challenges.

Spatialedge focuses on enhancing decision-making in enterprise operations through its AI-driven solutions.

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The Hlayisani Growth Fund, an equity fund targeting growth-stage tech-powered companies in Africa, facilitated this investment as part of its broader strategy under the R700 million ($36.8 million) Hlayisani Venture Fund II launched in Q1 2023. This fund aims to support medium to large high-growth tech-enabled companies, with a particular focus on businesses linked to South Africa.

Mathew Palin, a partner at Hlayisani Growth Fund, praised Spatialedge's impressive track record with leading brands and its contributions to the big data and AI sectors. He cited the company as a prime example of the type of ventures that Hlayisani Venture Fund II seeks to invest in, aligning with the fund's investment philosophy.