TechNigeria: A weekly digest of what went down in Nigeria’s tech space

OpenAI, IBM, The Cloud, Instagram, Basserah, nybl, Sawari Ventures, Xalts, Thiqa Tutoring, Exverse, Toast are some of the names that made the headlines this week.

OpenAI, with backing from Microsoft, has finalized a deal that has catapulted the company’s valuation to over $80 billion.

Also, IBM has introduced the LinuxONE 4 Express, a new pre-configured model of its enterprise computing system designed for small and medium-sized enterprises (SMEs).

Let’s get into details

OpenAI, with backing from Microsoft, has finalized a deal that has catapulted the company’s valuation to over $80 billion.

This development was confirmed in a statement seen by Ripples Nigeria on Tuesday February 20, 2024.

This substantial valuation hike stems from a recent transaction involving the sale of existing company shares, orchestrated through a tender offer spearheaded by venture firm Thrive Capital

UAE-based cloud kitchen enterprise, The Cloud, has announced raising a $12 million in funding, led by Middle East Venture Partners (MEVP) and Olayan Financing Company forming part of The Cloud’s broader $30 million Series B endeavor.

George Karam, CEO of The Cloud, confirmed this funding in a statement seen by Ripples Nigeria on Tuesday February 20, 2024.

Ripples Nigeria gathered that Rua Growth Fund also participated in the round alongside a debt financing from Aluna Partners.

IBM has introduced the LinuxONE 4 Express, a new pre-configured model of its enterprise computing system designed for small and medium-sized enterprises (SMEs).

The General Manager and Technology Leader at IBM South Africa, Ria Pinto, confirmed this in a statement seen by Ripples Nigeria on Wednesday February 21, 2024.

The product, according to IBM, offers enterprise-class security, resilience, and artificial intelligence (AI) capabilities, making it an ideal choice for smaller organizations looking to develop an integrated hybrid cloud technology strategy.

Instagram has announced the expansion of its marketplace tool to facilitate connections between brands and creators for paid partnerships or advertisements in eight additional countries, including Canada, Australia, New Zealand, the United Kingdom, Japan, India, and Brazil.

The platform, initially piloted in the United States in 2022, has since seen the onboarding of “thousands” of creators and brands, according to the company.

In the past year, Instagram introduced API features to aid in creator outreach and the structuring of briefs, while also extending invitations to agencies to utilize the platform

Saudi data automation company, Basserah, and UAE-based AI startup, nybl, have merged to bolster their presence across the region.

Mr. Noor Alnahhas, Co-Founder and CEO of nybl confirmed this merger in a statement seen by Ripples Nigeria on Thursday February 22, 2024.

Established in 2018 by Noor Alnahhas, nybl specializes in democratizing AI technology, offering real-time failure prediction, prescription, prevention, and optimization for key industries, enhancing productivity and reducing expenses.

Egypt-based venture capital firm, Sawari Ventures, is set to unveil a $150 million fund aimed at supporting Egyptian startups.

The CEO and co-founder, Hani Al Sanbati, confirmed the development in a statement seen by Ripples Nigeria on Wednesday, February 21, 2024.

Established in 2010 by Ahmed Alfi, Hany Al Sonbaty, and Wael Amin, Sawari Ventures focuses on the Mena region, having provided backing to over 30 companies such as Swvl, MoneyFellows, Instabug, Si-Ware, and Elves.

Singapore-based startup, Xalts, is poised to acquire Contour Network, aiming to drive the integration of digital technologies into trade and supply chain finance.

Ashutosh Goel, CEO of Xalts, confirmed this in a statement seen by Ripples Nigeria on Wednesday February 21, 2024.

Founded in 2017, Contour has operated a decentralized global trade finance network, connecting businesses, partners, and financiers across supply chains, initially focusing on digitizing letters of credit.

A UAE based startup, Thiqa Tutoring, has announced securing a $300k funding from Hope Ventures, alongside contributions from notable private sector investors including Mashael Fairooz, Founder of JEO Capital, and angel investor Dr. Lamya Mahmood, CEO of Dr. Lamya Group.

Thiqa Tutoring, an educational technology platform provides tutoring services across the United Arab Emirates.

The development is expected to help the startup push quality supervision, end-to-end management, and personalized consultations for students.

RW3 Ventures has announced securing $60 million to support early-stage blockchain and Web3 companies, signaling a promising outlook for blockchain technology.

The company announced this in a statement seen by Ripples Nigeria on Monday February 19th, 2024.

The investment, according to the startup, aims to propel nascent ventures in the blockchain sector, and prioritize foundational elements, protocols, and applications crucial for the advancement of blockchain technologies.

A restaurant management software manufacturer, Toast, has unveiled plans to lay off 550 employees, amounting to 10% of its workforce.

Despite reporting fourth-quarter earnings that surpassed Wall Street’s projections, the startup is embarking on downsizing its workforce.

In response to the announcement, Toast’s shares experienced a surge of up to 16% in after-hours trading, although these gains were moderated later.

A UAE-based Web3 gaming platform, Exverse, has closed a private funding round totaling $3 million.

The round was spearheaded by Cogitent Ventures, Cointelligence, and Moonrock Capital, with participation from KuCoin Labs, Epic Games, Seedify, and ChainGPT.

Fei Ooi Hoong, CEO of Exverse, confirmed this in a statement seen by Ripples Nigeria on Monday February 19, 2024.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now