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IFC and Solcon Capital partner to Provide Growth Capital to SA Companies in Deep Tech Sector

By Oluchukwu Ikemefuna

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In order to find and develop investment opportunities in the deep tech space in South Africa and India, IFC and Solcon Capital have partnered. 

IFC

According to a statement from the IFC, the goal of this strategic alliance is to find and support investment opportunities in the deep tech sector in South Africa and India to advance the digital economy in these developing nations. 

Areas IFC and Solcon Capital Are Focusing On

Critical areas like artificial intelligence (AI), big data, the Internet of Things (IoT), fifth generation (5G), and cybersecurity will be the initiative’s main focus. These rapidly developing industries offer enormous potential for expansion and disruption and stand at the forefront of technological advancement.

IFC Infrastructure and Natural Resources Africa Regional Industry Director Sarvesh Suri says, ‘The partnership combines IFC’s expertise in supporting private sector growth in emerging markets with Solcon Capital’s deep tech investment, acumen, and outstanding global investment record.”

The Strategic Alliance Between IFC and Solcon Capital

“In the context of IFC expanding its scope into InfraTech globally, this is an exceptional opportunity to leverage our combined strengths to make a lasting impact by fostering innovation and growth in the deep tech sectors in South Africa and India,” he continued.

“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.” stated Andile Ngcaba, chairman of Solcon Capital. 

IFC

This action has the potential to drastically alter the deep tech scene in South Africa and India.

Through the combination of IFC’s vast experience and Solcon’s two decades of leading the way in deep tech innovations, this partnership represents a strategic alliance aimed at unlocking and nurturing significant investment opportunities within the deep tech sector. 

The Implication Of This Investment 

According to Pramod Venkatesh, CEO of Solcon Capital, these investments will catalyze the digital economies of both markets.

The deep tech industry is expanding at a rate never seen before. 

A key component of this industry, the 5G Deep Structure market, was estimated to be worth $20.19 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 45.2% to $348.76 billion by 2030. 

In a similar vein, the IoT market is predicted to grow at a compound annual growth rate (CAGR) of 26.1%, from its estimated $544.38 billion in 2022 to $3,352.97 billion by 2030. 

The Reason Why Deep Tech is Flourishing 

The integration of advanced technologies across a wide range of industries and the growing demand for high bandwidth are the main reasons these sectors are flourishing.

“In addition to revolutionizing entire industries, 5G and IoT technologies are having a big impact on daily life and the workplace.”

“These advancements are leading us towards more connected, efficient, and smarter societies, from revolutionizing Internet access to transforming industrial operations and enhancing healthcare, manufacturing, and retail sectors through AI and big data.” Say both businesses

Conclusion 

A new chapter in the development of the deep tech sector is opened by this strategic alliance between IFC and Solcon Capital, which paves the way for improved growth, innovation, and cooperation throughout India and South Africa.

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Abdullahi Kafayat
Abdullahi Kafayat

Abdullahi Kafayat is an enthusiastic writer interested in the tech world. She's a graduate of Obafemi Awolowo University and has a BSc in Chemistry. You can reach her at Kafayatabdullahi17@gmail.com.

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