InstaDeep, an AI startup based in Tunisia and London has secured $100 million in its Series B financing round co-led by Alpha Intelligence Capital and CDIB. The round saw participation from BioNTech, Synergie, G42, Google, Chimera Abu Dhabi and DB Digital Ventures.
Founded in 2014 by Karim Beguir and Zohra Slim, InstaDeep is an AI startup that creates decision-making systems for solving real-world problems. The startup employs advanced machine learning techniques to make AI available to applications within a business/enterprise environment. The startup has its headquarters in London and has offices in Cape Town, Lagos, Dubai, Paris and Tunis.
Irrespective of how simple or complicated challenges are, they usually have similar patterns. Using reinforcement learning (a type of machine learning that helps to design optimization strategies), InstaDeep provides solutions to problems. Its technology is relevant across any business or enterprise. A recent statement from InstaDeep shows that it is currently working on a product that automates railway scheduling with Europe’s largest railway operator Deutsche Bahn.
InstaDeep has some impressive achievements under its belt. In November, it created an early warning system (EWS) for detecting high-risk SARS-CoV-2 variants. As reported by Financial Times, this EWS created by InstaDeep identified over 90 percent of the World Health Organization (WHO) designated variants on average two months before the time. The EWS detected the Omicron Variant three days before the WHO classified it as a variant of concern.
The startup also has a collaboration with Google’s AI research divisions aimed at detecting desert locust outbreaks in Africa before they happen. InstaDeep has, in the past, worked on joint AI-based researches with DeepMind and Google Research.
InstaDeep’s co-founder Karim Beguir spoke about its collaborations. “With them being our partners and customers, they’ve been able to see firsthand what InstaDeep platform and the team can achieve. So we see it as a significant milestone and also sort of a vote of confidence in our capabilities and products that they are investing having worked very closely with us on difficult problems for years”, he said.
The startup currently has over 170 employees. More than 130 are in AI research, engineering, ML and DevOps departments, while half of the team is based in its African offices: South Africa, Nigeria and Tunisia.
For an African startup, InstaDeep has placed itself on a global stage and is providing solutions with AI. The startup plans to use the new funding to launch more AI-based products across biotech, transportation, logistics and electronics manufacturing. It will also use the funds to hire more talent and expand into the US.