The partnership aims to empower technology startups, founders, and ecosystems across Africa and launches a new Hackathon event.
NAIROBI, 30 AUGUST 2023. Modus Africa, the African deep tech-focused VC arm of Modus, has announced the signing of a Memorandum of Understanding (MOU) with Intel Corporation, the industry leader creating world-changing technologies, to accelerate the growth and development of deep tech applications in Africa.
The partnership aims to empower startups, founders, and ecosystems across the continent by combining Modus Africa’s VC expertise and Intel’s resources to identify Africa’s boldest entrepreneurs and support them throughout the startup lifecycle.
“The impact of deep tech startups in Africa resonates across sectors such as healthcare, fintech, agriculture, and the environment. These changes mean that African countries’ economies can grow in new and exciting ways. As a pivotal contributor in this environment, Intel is strategically positioned to support Africa’s digital transformation working with all stakeholders in the deep tech startups ecosystem,” said Steve Shakespeare, Sales Director at Intel Corporation.
The signing of the MoU between Modus Africa and Intel sets the foundation for developing Africa’s deep tech ecosystem and amplifying its capacity. The partnership will deliver collaborative opportunities by providing early-stage startups access to capital and experts on the ground, cross-collaboration on deep tech projects across the continent including Venture Building, and support to Modus Africa’s growing portfolio.
The partnership will launch with a virtual hackathon event targeting African startups specializing in variative large language models (LLM), generative AI, and operating between Pre-Seed to Series B stages. The hackathon will present a range of invaluable opportunities to founders, including showcasing their innovations to Intel’s ecosystem for co-marketing purposes, accessing Intel experts through exclusive workshops using its AI Developer Cloud, and a chance to exhibit their startup at the Intel Liftoff for Startup booth during Lisbon’s Web Summit 2023.
Modus Africa will assist Intel in the selection process and offer the winners of the hackathon access to its Investment Readiness Program. The program will equip founders with the skills, tools, and guidance to secure funding and propel their growth journey.
“Our collaboration with Intel aims to nurture the immense potential of startups working in the deep tech domain in Africa,” commented Vianney Mathonnet, General Partner at Modus Africa. “We’re at an advantage by being able to leverage Modus’ existing Venture Builder capability into our portfolio and partnerships to deliver greater impact and knowledge transfer in Africa. We look forward to working with Intel to continue leading the way for Africa’s boldest deep tech startups to thrive, scale, and succeed.”
Modus and Intel’s MoU represents a solid commitment to delivering impact in Africa by deepening its tech landscape and supporting African startups in their journey toward success.
Modus is a Venture Platform comprised of Venture Building, VC funds, and a Corporate Innovation arm. It builds, supports, and invests in impact-driven ideas and founders, providing more than just the financial investment needed to succeed. By deploying operational, institutional, and financial capital, Modus creates a foundation for developing exceptional entrepreneurs and high-impact innovation ecosystems.
For more information, please reach out to: Modus Africa at firstname.lastname@example.org