African Startups Can Now Apply For The AI Revolution Challenge

South African based tech firm, Sagarmatha Technologies has launched an Artificial Intelligence Challenge for African startups for a chance to win an investment of $1-million.

Sagarmatha Technologies said in a statement that the company will provide $1-million in development funding, as well as more than $2-million in marketing value-adds and prizes to the leading African AI startup.

Sagarmatha Technologies CEO Paul Lamontagne said: “Africa as a continent is creative and has unique perspectives, providing a fertile space for innovation and disruption.”

He said the business case for Africa is “very strong” and added that he sees the continent at a tipping point if more is done to embrace the Fourth Industrial Revolution.

“There are trailblazing innovators and disruptors on the continent and we hope to shine the light on these pioneering entrepreneurs,” he said.

Eligible startups

• The challenge is open to businesses that currently offer or that intend to offer a product, service or platform that utilise AI, can apply. Their product or service must demonstrate commercial applications worldwide.
• Startup must have secured a minimum investment of $25 000 at date of application, either in seed funding or in equity or loans. Only companies registered and resident on the African continent may apply.

Application requirements

• As part of the entry process, applicants must upload a presentation (PDF or PPT) describing their product, team, market opportunity and financial projections
• Applicants must submit a five minute pitch video via the aiRevolution app. The video should include all key members of your team.

Application timeline

Applications for the challenge close on 31 March 2018 and finalists will be flown to South Africa in May.

For more information about the challenge, click here.