THUR, SEPT 21 2023-theGBJournal |Flapmax, a leading data and AI technology company, have selected twelve companies for the second cohort of the FAST Accelerator startup program, created in partnership with Microsoft to help strengthen and scale Africa’s digital ecosystem, the company revealed today in a statement.
According to the statement, the FAST Accelerator’s cohort of 12 startups will progress to a 5-week comprehensive acceleration experience in Silicon Valley, California starting in October, following the conclusion of its 2-week Online Bootcamp, which saw 60+ tech companies participate in an intensive online training with experienced mentors.
“Microsoft believes that African startups and small and medium-sized enterprises (SMEs) are well-positioned to become a bedrock for the African digital economy, with relevant solutions to local societal and economic challenges. Participation in the FAST Accelerator program will help these entrepreneurs capture growth opportunities and expand their market reach,” said Mame-Fatou Gueye, SME Program Manager, Microsoft Africa Transformation Office.
The FAST Accelerator program received over 1200 applications from 35 countries in Africa, spanning a diverse range of industry sectors, including Financial Services (128 applications), Healthcare (95 applications), Agriculture (235 applications), Transportation & Logistics (60 applications), Clean Technology & Energy (57 applications), and Creative Media & Entertainment (40 applications).
Applicants represented a broad mix of cloud-based products and services serving businesses throughout Africa, harnessing AI to drive innovation, enhance efficiency, and address critical challenges in their respective domains.
“At Flapmax, our mission is to build societally impactful solutions that harness the power of AI to transform multiple industries through long-term partnerships with startups, SMEs, and global enterprises,” said Dr. Dave Ojika, founder and CEO of Flapmax.
“Collaborating with technology partners like Microsoft and Intel, we are assembling a unique fusion of cutting-edge AI technologies, business development strategies, and global-scale growth opportunities for Africa and other emerging markets. Our objective is to empower startups and underrepresented entrepreneurs to rapidly and sustainably scale their businesses and create new job opportunities using AI as a catalyst.”
FAST Accelerator 2023 (FA23) applicants had to be based in Africa, ready to scale or expand within the continent, and have an established product-market fit while addressing one or more of the United Nations Sustainable Development Goals (SDGs).
The FA23 cohort features the following startups:
Zeeh Africa (FinTech): AI-powered open banking platform connecting businesses to financial data
Sumundi (eCommerce): Intelligent eCommerce platform for Africa’s retail businesses
Cotrust Equity (FinTech): The Uber for micro-lending in Africa
Trucki (Supply Chain): AI-powered haulage infrastructure connecting cargo stakeholders
Orange VFX (Creative Media): Delivering high-quality animation and visual effects that help African businesses
10mg Pharma (HealthTech): AI-driven cost savings on medications for chronic pain patients
Wallx (FinTech): Payment and business solution for small business owners
Moosbu (FinTech): Empowering SMEs with AI for sales and financing
KCG Aquatec Fish Farming (AgTech): Aquaculture infrastructure helping fish farmers grow their businesses sustainably
Aibanc (FinTech): AI-powered Banking for High Earners Not Rich Yet (HENRY)
Zendawa Africa (HealthTech): Enabling neighborhood pharmacies to sell online
Greenbii (FinTech): AI-driven asset financing and software management platform for SMEs
Beginning October 23, the FA23 cohort will participate in a wide array of activities, including training, AI integration, business development, fundraising, and various other events.
They will work closely with Intel and Microsoft on co-innovation projects, receive sales and marketing support, and gain go-to-market enablement to broaden their audience reach.
Additionally, members of the Flapmax engineering team will assist startups in applying optimized Large Language AI models (LLMs), as well as in scaling and fine-tuning these models on Microsoft Azure and Intel platforms.
Previous participants of the Online Bootcamp program had the following to say:
“It is inspiring to learn what is happening in the AI and tech space across sectors and to interact with cohort members and speakers who are experts in their fields.” – Cohort member HealthX Africa
“This [will] provide us with mentorship, networking and fundraising opportunities with global startups. This is a huge one for us and we are more than excited to embark on this adventure!” – Dataleum.
“It was such a great privilege participating in the FAST Accelerator program! Thank you for the phenomenal classes and the opportunity to build new cross-national networks with other amazing entrepreneurs creating global solutions to local problems with one single aim to make the world a better place for everyone!” – Michael Oboh, Co-Founder and Creative Director of Orange VFX Studios
Flapmax has also announced the launch of its digital matching platform, FAST Portal, designed to connect investors with startups. FAST Portal will be leveraged to facilitate introductions between investors, partners, and startups within the FAST Accelerator community.
Twitter(X)-@theGBJournal|Facebook-the Government and Business Journal|email:gbj@govbusinessjournal.com| govandbusinessj@gmail.com
