A selection of tech news from Nigeria and Africa at large.
Envisionit Deep AI Raises $1.65m Funding | Rise In Registered Loan Apps In Nigeria | Egyptian Fintech Funding | Google Funds Startups In Africa | Nigerian Entrepreneurs Dominate Tech Award
SA e-health startup Envisionit Deep AI raises $1.65m funding – Disrupt Africa
South African e-health startup Envisionit Deep AI has raised US$1.65 million in funding to unlock its next phase of growth, as it aims to address critical shortages in the African and emerging market healthcare sector and democratise access to diagnostic imaging using artificial intelligence (AI).
Founded in 2019 by Dr Jaishree Naidoo, Andrei Migatchev and Terence Naidu, Envisionit Deep AI builds innovative medical solutions that harness the power of AI to transform how healthcare professionals diagnose and treat patients.
Through solutions such as its RADIFY AI technology, the company is improving the speed, accuracy, quality and affordability of medical imaging diagnosis, which is crucial in the early detection and treatment of various diseases including tuberculosis, coronavirus pneumonia and breast cancer, among others. The US$1.65 million funding comes from New GX Ventures SA, with an additional undisclosed raise from the GIIG Africa Fund, after Envisionit Deep AI was named a Southern Africa regional winner at the African Startup Awards. Read more here
Registered loan apps in Nigeria rise to 131 ahead of March 27 registration deadline – Nairametrics
Ahead of the march 27, 2023 deadline for the registration of digital money lenders popularly known as loan apps, the Federal Competition and Consumer Protection Commission (FCCPC) said a total of 131 companies have been registered and given the approval to operate in the country.
This figure was recorded as of February 28, according to the commission’s database. However, only 92 of the 131 companies have secured full approval, while the remaining 39 secured conditional approval. Read more here
Egyptian fintech startup Hollydesk raises $1m debt funding to expand offering – Disrupt Africa
Egyptian fintech startup Hollydesk has raised US$1 million in venture debt financing from unnamed investors to expand its offering and client base.
Founded in 2020 by Mahmoud Moussa, Hollydesk is an expense management platform that allows companies to automate approval workflows and generate reports to analyse spending patterns.
The startup has already helped hundreds of companies save time, reduce fraud, and manage their expenses more effectively. In 2022 alone, companies using Hollydesk spent EGP130 million (US$4.2 million) through the platform.
It has now raised US$1 million in venture debt financing to help more small and medium-sized businesses (SMBs) in the country manage and track their daily expenses. The funding will be used to expand Hollydesk’s offerings and reach more companies needing efficient expense management solutions. Read more here
Google commits $4M to startups in Africa in 2023 – Vanguard News
Search Engine giant, Google said it has so far, committed $4 million to support eligible black-founded start-ups this year alone.
This is even as it opened applications for the third cohort of Black Founders Fund for Startup in Africa and Europe.
Black founders fund is Google’s initiative to promoting job creation and wealth generation in the continent. The programme provides start-ups not only the funding, but also hands-on support, connections and resources to help founders build solutions that are relevant for the African economy.
According to Google, “Start-ups operating and headquartered in Africa or having a legal presence on the continent are eligible to apply for the Black Founders Fund.
“Other eligibility criteria for start-ups that wish to apply are that the business should be benefiting the black community or that early-stage start-ups have black founders or diverse founding teams.”The start-ups should be building for Africa and the global market, have the growth potential to raise more funding, create jobs and generally be making measurable impact. Read more here
Nigerian entrepreneurs dominate tech award shortlist – Punch
Not less than seven Nigerian women startup founders have been shortlisted for the Aurora Tech Award 2023.
According to a statement, the women are among 22 finalists drawn from different countries in the world.
The organisers of the award, inDrive, stated that this year’s nominations echo as a moment of pride for Nigeria as seven women from the country have dominated the list.
The Aurora Tech Awards is an annual event that recognises outstanding women’s achievements in technology and innovation.
This year’s competition has attracted entries from all over the world, with 22 competitors making it to the shortlist.
The seven Nigerian women who are nominated for the award include Folake Owodunni and her startup Emergency Response Africa; Princess Oti, who owns the startup Kaoshi Network, as well as Cynthia Asije and her startup Craftmerce Inc. Read more here
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Image Credit: Mind Map Team – Illustration
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