Cortex Group, an SA-based Artificial Intelligence (AI) focused company behind Cortex Logic, an AI solutions firm has launched Cortex Ventures to serve as Africa’s one-stop-shop for AI-focused start-ups and scale-ups seeking early or growth stage funding and mentorship in Africa.
The firm will also give startups technical advisory, AI-application development capabilities and a co-working space.
According to Dr Jacques Ludik, Cortex Group Founder and CEO, “ 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.”
Cortex Ventures aims to invest in early stage AI startups seeking funding, traditionally dubbed high risk by more traditional VCs and investment entities such as banks, angel or private investors”.
As a VC, focusing on both early and growth stage businesses, Cortex Ventures says it is supplementing what 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,” said Cortex Group CMO, and Director Cortex Ventures, Dr Nick Bradshaw, “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.”