New fund targets early-stage AI tech startups in Africa
Swedish AI Fund (SAIF), an NGO providing financial aid, grants and scholarships to AI projects has announced a new fund targeting AI startups in Africa.
The €96,000 SAIF fund will support startups working, researching, and/or involved in the AI industry towards equality, safety, and security in the field of AI. The AI Media Group is the primary launch partner for SAIF in Africa along with launch partners; AWS, Nvidia, Telkom, Embassy of Switzerland SA, Zindi, Cirrus AI and AiCE Kenya.
This fund is available in different forms in limited amounts for specific purposes (typically Euro 10k – Euro 15k) awarded as non-equity micro-seed grants by the SAIF network partners. Each year, the board of trustees at the Swedish AI Fund will decide the amount and how to make this fund available to a specific group of organisations, institutions, and universities.
Interested startups can apply for the funding through SAIF’s official partners and for the initial Africa funding call this is via The AI Media Group.
‘’We are seeking to fund companies based in Africa primarily at pre-seed stage who have developed solutions and services that leverage AI.’’ the company said in a statement.
The SAIF is one of the projects launched by the AICenter Sweden a collaboration between several legal entities and experts towards a common goal: Equality, safety, and security in the AI industry. The AICenter started in Sweden and it works internationally with different types of partnerships globally. In Sweden, it is cooperating with universities, leading companies and experts from United Nations (UN) and The European AI Alliance.
SAIF also has international partnerships is with the Swedish Chamber of Commerce in different countries, and several recognisable organisations and associations in different parts of the globe.
Applications for the funding can be done here.