Savant a hardware technology incubator based in South Africa in the past year has made a total funding investment of US$1.22 million in five startups.
Founded by Nick Allen in 2005, Savant offers commercial support to inventors and innovators who have created engineering-based products.
The hardware technology incubator launched a venture fund in 2019 shortly after raising US$7.8 million from South Africa’s SME Fund and has gone ahead to invest in startups.
Savant has backed the following startup since its launch:
- Astrofica Technologies
- Cognitive Systems
The hardware technology incubator has so far deployed over US$1.22 million in these startups.
Speaking on this milestone, Nick Allen commented: “One of Savant’s approaches is to invest small amounts of up to ZAR1.5 million at a very early stage in order to prepare companies for going to market and ensure they are investment ready.”
Explaining further, Allen said that this process will continue to ensure that there is a consistent pipeline that is investible. The process will also help the hardware technology incubator to create a broader portfolio while lowering risk.
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