Enterprise software solutions company Argility - a member of the Argility Technology Group - has made a substantial investment of an undisclosed sum in an artificial intelligence (AI) solutions business, Ashanti AI - a BBBEE level 2 start-up.
According to a statement by Argility it is the company's fifth investment in two years.
In January 2018 the company acquired social mobile commerce platform Indaba Mobile from Capital Eye Investments for an undisclosed amount.
At the time Argility chief executive officer Marko Salic confirmed "a deliberate strategic drive to identify suitable businesses in which to invest ... the areas are IOT, AI and Blockchain."
As to the latest acquisition Salic said, "This emerging business will be a strong addition to our current retail, supply chain, IOT and fleet expertise and we feel will serve to drive our focus on combining analytics with trending 4IR technologies supported by our current products and solutions."
He added, "The synergies between Argility's vision and Ashanti AI's mission made this investment very appealing to us and a good fit that will augment our goal of digitally transforming our core business focus arenas using intelligent software, data science/AI, and the IOT . Ashanti AI assists companies to increase revenues; make decisions faster and improve processes using AI."
Takalani Madzhadzhi, Ashanti AI chief executive officer and founder, is an actuary with a financial services background.
He heads up a team of data scientists with a vision to provide the best AI solutions for partners and customers. The company's current customer base includes a number of blue-chip corporates plus partnerships with strong international consultancy firms.
"We started as part of an incubation hub linked to a data science academy. Since leaving the hub we have grown our client base and developed a number of proprietary solutions," noted Madzhadzhi.
He said going forward the company is focused on building predictive analytic products for the retail, supply chain and financial services sectors.
As to any potential changes to HR and operational structure of the company, Argility said it will retain current structures.
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