South African AI startup Xineoh secures $1.5m funding round
SA tech company Xineoh has closed a $500 000 equity funding round and is now exploring opening a second office in Canada — in Toronto — the startup’s CEO and founder Vian Chinner revealed today.
The company, which Chinner (pictured above) founded in 2010 and uses artificial intelligence (AI) to predict customer behaviour, already has offices in Canada’s Vancouver — as well as in Johannesburg (it was formerly based in Bloemfontein).
This follows the firm’s announcement last December that it had closed a $1-million equity funding round, bringing the total funding the startup has secured in the last two months to $1.518-million.
In a statement on Tuesday (12 February) announcing the funding, Xineoh said the capital injection will be used to further develop and commercialise the firm’s AI platform.
Xineoh’s CEO and founder Vian Chinner says the company is looking into opening an office in Toronto, Canada
In a phone call with Ventureburn today (14 February), Chinner said Wade Flemons, the founder and principal of Vancouver-based private equity firm Pender West participated in funding in the latest round.
Chinner declined to disclose just how many clients Xineoh has, but he said the company’s platform is being used by firms in South Africa, Poland and Canada. He added that Xineoh is looking to open an office in Toronto.
Xineoh’s other investors include merchant bank King & Bay which was involved in the firm’s $2-million funding round in 2017. In all, including this latest round, Xineoh has raised a total of $3.5-million in funding since inception.
