Askya Investment Partners is offering African artificial-intelligence startups up to $200,000 each through a new accelerator programme that takes no equity, as investors step up efforts to back companies developing AI products for the continent.
The six-week Askya AI Growth Platform will select 10 startups from pre-seed to Series A, with applications open until September 30.
The first cohort will be announced at Moonshot by TechCabal in Lagos on October 28-29, when the programme begins.
The initiative, launched in Lagos, is being run in partnership with Magna Collective and will provide selected companies with access to capital, cloud and computing resources, customers and talent, as well as coaching on product development, technology, governance and distribution.
Tosin Eniolorunda, founder and group chief executive officer of Moniepoint, will serve as honorary chair of the inaugural cohort.
‘Africa can either become a producer of AI technology, capturing the tremendous value it creates, or remain a mere importer,’ Babacar Seck, founder and managing partner of Askya Investment Partners, said.
The programme comes as AI adoption accelerates globally and investors assess how African startups can use the technology to address gaps in sectors including financial services, healthcare, commerce and agriculture.
The African Development Bank estimates that inclusive deployment of AI could add as much as $1 trillion to Africa’s gross domestic product by 2035, according to the investment firm.
Askya said the continent has an opportunity to use AI to bypass some of the legacy infrastructure constraints that have slowed the development of other industries.
The firm said African startups already have evidence of their ability to build companies at scale, but often struggle to gain access to customers, infrastructure and experienced operators as they expand.
‘AI is the greatest opportunity yet to prove it,’ Eniolorunda said. ‘What this new generation of founders needs is execution support and access to real customers.’
Unlike conventional accelerator programmes, Askya said participation in the platform is free and does not require founders to surrender equity. Startups selected for the cohort will, however, be eligible for investments of up to $200,000 from Askya’s funds.
The programme will combine virtual sessions with in-person activities, including masterclasses and one-on-one coaching from African founders and business operators.
Deep Learning Indaba, an African machine-learning community, and Big Cabal Media, publisher of TechCabal, are among the founding partners. Moonshot by TechCabal will host the cohort announcement and programme launch.
Magna Collective will design and deliver the programme, while Askya said additional partners in cloud and computing infrastructure, policy and enterprise markets will be announced before the October cohort reveal.
‘We open on Africa’s biggest stage in Lagos, then we get to work,’ said Femi Awoniyi, co-founder and chief executive officer of Magna Collective. ‘Every week that follows is built around one thing: getting founders closer to a signed contract.’
Askya Investment Partners, founded by Seck, invests in African technology and AI companies. Its portfolio includes Moniepoint and Jumia.