Key Developments

IFC and Solcon Capital Join Forces to Fuel Deep Tech Growth in South Africa

In a move set to reshape the deep tech landscape, the International Finance Corporation (IFC) and Solcon Capital announced a strategic partnership to identify and support promising deep tech startups in South Africa.

This collaboration aims to propel the digital economies of South Africa by fostering innovation in critical areas like 5G, Artificial Intelligence (AI), Internet of Things (IoT), big data, and cybersecurity.

“This partnership leverages IFC’s deep understanding of emerging markets and Solcon Capital’s proven track record in deep tech investment,” said Sarvesh Suri, IFC’s Regional Industry Director for Infrastructure and Natural Resources, Africa.

“By combining our strengths, we can unlock significant investment opportunities and drive lasting growth in the deep tech sectors of South Africa and India.”

The deep tech industry is experiencing explosive growth. The 5G deep structure market, for example, is projected to surge from $20.19 billion in 2022 to a staggering $348.76 billion by 2030, reflecting a compound annual growth rate (CAGR) of 45.2%.

Similarly, the IoT market is expected to balloon from $544.38 billion in 2022 to $3,352.97 billion by 2030, at a CAGR of 26.1%.

These trends are fueled by the increasing demand for high-bandwidth connectivity and the integration of advanced technologies across various industries.

“Technologies like 5G and IoT are not just transforming industries, they are fundamentally changing the way we live and work,” the statement added.

“From revolutionizing internet access to driving advancements in healthcare, manufacturing, and retail through AI and big data, these innovations are paving the way for a more connected, efficient, and intelligent future.”

Echoing this sentiment, Pramod Venkatesh, CEO of Solcon Capital, highlighted the partnership’s potential to reshape the regional deep tech landscape.

“This alliance will unlock significant investment opportunities and, by combining IFC’s experience with Solcon Capital’s expertise, catalyze the digital economies of both India and South Africa,” he said.

Andile Ngcaba, Chairman of Solcon Capital, emphasized the importance of fostering collaboration. “We are committed to accelerating the development of deep tech companies in both regions and facilitating cross-border collaboration to leverage diverse talents and markets,” he concluded.

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