Startups in North Africa are seeing increasing investments from home-bred venture capital firms than their counterparts elsewhere in Africa this year. Added to the list of latest investments in the region is that in Atlan Space, a startup which enables networks of aerial vehicles (such as drones, etc.) guided by artificial intelligence to scan large marine areas for environment threats.
“Atlan Space is developing artificial intelligence to allow drones to perform surveillance missions in total autonomy and without any human intervention. This for humanitarian purposes or to fight environmental crimes such as illegal fishing or deforestation, ” said CEO Badr Idrissi, who also indicated that this technology also allows governments and institutions to provide assistance to people. vulnerable populations.
Here Is What You Need To Know
- The investment of up to $1.1 million came from Maroc Numeric Fund II, the Moroccan investment fund dedicated to technology start-ups.
- The money will allow the technology company, which specializes in the development of artificial intelligence for unmanned aircraft, to expand its business.
- This is the 2nd successful fundraiser after the seed 2019 fundraiser from the Norwegian investment fund Katapult Ocean.
- With the latest funding, CEO Badr Idrissi believes that there are many opportunities open to him.
Read also: The Eighth Edition Of Angel Fair Africa To Bring Together 43 Investors From Africa And Beyond
Why The Investors Invested
This is the 3rd investment of the new fund Maroc Numeric Fund II and the 20th investment of its management team, taking into account the investments made by the fund Maroc Numeric Fund I, which is now in a divestment phase.
Mrs. Dounia Boumehdi, Managing Director of MITC Capital, the management company of Maroc Numeric Fund II, said:
“The fund management team is proud to support Atlan Space, a Moroccan startup that is the result of many years of R&D in artificial intelligence, and which has a proven technology with several clients internationally and in Morocco, with a high environmental and humanitarian impact”.
Maroc Numeric Fund is since 2010, the reference investment fund in technology startups in Morocco. More than a simple financial leverage, Maroc Numeric Fund is a real accelerator for high-potential start-ups. The Fund acts as an active shareholder by providing its portfolio companies, in addition to investment, with advisory and support for their managers, while holding a seat on their boards.
A Look At What The Startup Does
Founded in 2016 by Younes Moumen and Badr Idrissi, ATLAN Space is a startup developing Artificial Intelligence to guide unmanned aircraft (UAV) in their data collection and tracking missions over large geographical areas. Since its inception, the company has set itself the objective of putting cutting-edge technology at the service of environmental protection and the safeguarding of human life.
ATLAN Space campaigns for more ethical uses of technology while developing viable and sustainable economic models.
Currently, Atlan Space has commercial contracts in Seychelles, Niger and Morocco.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer