Cape Town-based AI startup Locstat receives funding to facilitate growth

Locstat, a Cape Town-based advanced analytics business, has raised capital as it prepares for expansion.

Locstat is a graph-based AI and event processing solution for continuous analysis and visualisation of real-time and static data from a variety of sources, which was founded in 2016.

The startup’s AI technology analyzes the link between data points and beyond, enriching the information used for analytics and informing improved decision making, allowing consumers to gain previously unknown insights. Fraud detection, customer journey mapping, rules engine, and geo-spatial analytics are just a few of the services that the technology can help with in real time.

Locstat is a graduate of Grindstone Accelerator, a structured entrepreneurship development program that helps high-growth, innovation-driven companies, and has now received an undisclosed funding round from Grindstone Ventures, a ZAR100 million (US$6.5 million) fund dedicated to primarily funding startups that have completed, or are currently a part of, Grindstone Accelerator. The startup is currently on the lookout for new opportunities.

“We’re excited to continue our adventure with Grindstone, and we appreciate their trust in Locstat.” We’re well on our way to achieving our scaling goals, and based on recent traction, we’re exceeding our own expectations and confident that we’ll continue to provide value to our clients,” said Ryno Goosen, Locstat’s CEO and co-founder.

Grindstone Ventures managing partner Catherine Young expressed her delight at the addition of Locstat to the firm’s portfolio.

“Graph-based AI processing functionality transforms data into actionable insights, and it’s one of the hottest data trends right now.” “We believe Locstat will revolutionize the way businesses address complicated real-time problems,” she stated.