Sagarmatha Technologies launches $1m AI challenge for African startups

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One lucky African startup with a cutting edge artificial intelligence (AI) solution stands the chance to win an investment of USD 1 million from Cape Town based technology platform Sagarmatha Technologies, with the launch today of the AI Revolution Challenge.

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

Applications for the challenge close on 31 March and a panel of AI investors and experts will select up to 20 startups for the final event, which will be hosted in South Africa in May this year.

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

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.

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.

Furthermore to qualify to apply, the startup must have secured a minimum investment of USD 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.

As part of the entry process, applicants must upload a presentation (PDF or PPT) describing their product, team, market opportunity and financial projections

In addition applicants must submit a five minute pitch video via the aiRevolution app. The video should include all key members of your team.

Further information is available at www.airevolution.africa.

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