New R500-million AI fund launched in South Africa

Former Liquid Telecom CEO Reshaad Sha has launched Britegaze Fund One – a fund focused on assisting Artificial Intelligence businesses in South Africa and the African continent.

Britegaze will use its expertise in the telecommunications sector to help companies to solve complex challenges the industry faces.

Additionally, the Britegaze transaction advisory business will work with customers and partners to provide strategic advisory services.

Commenting on the launch of Britegaze Fund One, Sha said despite the mass of data available to companies, very little of this data is actually analyzed and put to good use.

“Today data is generated at a phenomenal rate driven by the number of Internet users, machines, and the Internet of Things. As of the beginning of 2020, there were approximately 44 zettabytes of data in the digital universe,” said Sha.

“On a daily basis, in excess of 2.5 billion gigabytes are generated, and that is expected to grow to 463 exabytes per day in 2025.”

He said there is no way for humans to process this volume of data, let alone interpret the results from the analysis of this data.

This is where AI comes into play. AI companies are developing solutions to process, learn from, react, and to a large extent autonomously take decisions based on the data it has ingested.

He said Britegaze will invest in AI businesses which have an established customer base and are keen to explore a rapid growth trajectory.

It will also co-create solutions with those partners that they believe has sufficient scope to address some large challenges that the telecoms industry are facing today.

Britegaze Fund One has a target of R500 million that it expects to raise over the coming months.

Now read: Liquid Telecom SA CEO Reshaad Sha resigns – Here are his plans

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New R500-million AI fund launched in South Africa