The International Finance Corporation (IFC) and Solcon Capital have announced a partnership to nurture investment in “deep tech” in India and South Africa.
They will provide growth capital to promising companies that specialise in fields such as 5G, artificial intelligence, the internet of things, big data and cybersecurity.
The partnership builds on IFC’s investments in the private sector in emerging markets, with Solcon Capital’s experience in building companies in deep tech.
South African businessman Andile Ngcaba’s Convergence Partners Investments last year rebranded as Solcon Capital and will focus its investment efforts in South Africa, India and Southeast Asia.
The name change also saw the appointment of a CEO, Pramod Venkatesh, who took the reins at Solcon on 1 August. Venkatesh has “extensive experience in managing and building deep tech companies from the ground up garnered from Silicon Valley,” Solcon Capital said in a statement at the time.
Deep tech ventures are built on scientific discoveries and engineering innovations, with a strong research base. The deep tech sector is experiencing high growth, Solcon Capital said on Wednesday.
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“Through our partnership with IFC, we aim to accelerate the development of deep tech companies in both regions and facilitate cross-collaboration, leveraging diverse talents and markets,” added Ngcaba. – © 2024 NewsCentral Media