Locstat, a Cape Town-based advanced analytics startup, has raised funding as it prepares for expansion.
Locstat is a graph-based AI and event processing solution for continuous analysis and visualisation of real-time and static data from a variety of sources, which was founded in 2016.
The startup’s AI technology analyzes the link between data points and beyond, enriching the information used for analytics and informing improved decision making, allowing consumers to gain previously unknown insights.
Fraud detection, customer journey mapping, rules engine, and geo-spatial analytics are just a few of the functions that the technology can help with in real time.
Locstat is an alumni of Grindstone Accelerator, a structured entrepreneurship development program that helps high-growth, innovation-driven companies, and has now received an undisclosed funding round from Grindstone Ventures, a ZAR100 million (US$6.5 million) fund dedicated to predominantly funding startups that have completed, or are currently a part of, Grindstone Accelerator. The startup is currently on the lookout for new opportunities.
“We are pleased to continue our journey with Grindstone and appreciate their continued faith in Locstat. We are well on our way with our scaling ambitions and based on recent traction are exceeding our own expectations and confident that we will continue to add value to our customers,” said Ryno Goosen, CEO and co-founder of Locstat, said.
Catherine Young, managing partner of Grindstone Ventures, said she was excited to have Locstat join its portfolio.
“Graph-based AI processing functionality turns information into valuable insights, and is one of the fastest growing trends in the area of data. We believe Locstat will change the way companies solve complex problems in real-time,” she said.