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IFC, Solcon Capital to provide growth capital funding for South African, Indian deep tech companies

Solcon Capital chairperson Andile Ngcaba

Solcon Capital CEO Pramod Venkatesh.

28th February 2024

By: Schalk Burger

Creamer Media Senior Deputy Editor

     

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Development finance institution the International Finance Corporation (IFC) and technology investment company Solcon Capital have announced a strategic partnership aimed at identifying and nurturing investment opportunities in the deep technology (deep tech) sector within India and South Africa, with the goal of propelling the digital economy in these burgeoning markets.

The partners will collaborate to pinpoint and provide growth capital to promising companies in the deep tech domain.

The initiative will focus on critical areas such as fifth-generation (5G), artificial intelligence (AI), the Internet of Things (IoT), big data and cybersecurity.

"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," says IFC Infrastructure and Natural Resources Africa regional industry director Sarvesh Suri.

“This is an exceptional opportunity to make a lasting impact by fostering innovation and growth in the deep tech sectors in South Africa and India, in the context of IFC expanding its scope into [infrastructure technology] infratech globally,” he adds.

The deep tech space is experiencing an unprecedented growth trajectory. The 5G deep-structure market alone, which is a crucial segment of this sector, was valued at about $20.19-billion in 2022 and is expected to expand to $348.76-billion by 2030, a compound annual growth rate (CAGR) of 45.2%.

Similarly, the IoT market, with a valuation of about $544.38-billion in 2022, is anticipated to expand to $3.35-trillion by 2030, at a CAGR of 26.1%.

These sectors are thriving owing to the rising demand for high bandwidth and the integration of advanced technologies in diverse industries, the IFC and Solcon Capital say.

“Technologies like 5G and IoT are not just transforming industries but are also significantly impacting everyday life and work.

“From revolutionising Internet access to transforming industrial operations and enhancing healthcare, manufacturing, and retail sectors through AI and big data, these advancements are leading us towards more connected, efficient and smarter societies.”

“This partnership is a move that promises to reshape the deep tech landscape in both India and South Africa.

“It represents a strategic alliance aimed at unlocking and nurturing significant investment opportunities within the deep tech sector and by combining IFC’s extensive experience and Solcon’s two-decade journey of spearheading deep tech innovations, these investments will catalyse the digital economies of both markets,” comments Solcon Capital CEO Pramod Venkatesh.

“Through our partnership with the IFC, we aim to accelerate the development of deep tech companies in both regions and facilitate cross-collaboration, leveraging diverse talents and markets. We are committed to fostering a thriving technological ecosystem that drives innovation and growth,” adds Solcon Capital chairperson Andile Ngcaba.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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