The Withanage Foundation is launching a research and development program and $500 million investment vehicle to support AI development in African agriculture, finance, and governance.
Withanage Foundation Bets Big on African AI With Launch of Research, Investment Program
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The Swiss-based Withanage Foundation has launched a research and development program to support Africa-focused artificial intelligence (AI) platforms. The launch precedes the expected announcement of a $500 million investment vehicle led by the Withanage family office, which will support AI, gamification, and tokenization platforms.
The family office has already invested $20 million in a platform using AI and data analytics to improve government decision-making. The foundation’s research program will focus on using AI to advance data-driven innovations in African agriculture and finance.
Rayo Withanage, program coordinator at the Withanage Foundation, said:
AI is on the cutting edge of advances in technology. At the Foundation, we are keen to focus on the potential positive impact of AI. We believe philanthropic actors in the technology space could transform the way proprietary technology is used to benefit and improve lives around the world.
The Withanage Foundation’s launch of its research and development program follows the African Union’s (AU) efforts to develop AI capabilities. In July, the AU approved the Continental Artificial Intelligence Strategy and African Digital Compact to drive the continent’s digital development, as reported by Bitcoin.com News. The strategy aims to guide African countries in harnessing AI while preserving their identities, languages, and cultures.
However, a report by the Global System for Mobile Communications (GSMA) highlights challenges to AI success in Africa. These include the availability of local language data and addressing the AI skills gap. Additionally, Nardos Bekele, CEO of NEPAD, previously warned that fragmented digital infrastructure and ethical concerns could hinder AI adoption.
