Meet two Tunisian entrepreneurs set to make millions in $390-million AI-firm sale
They will also be eligible for performance-based future milestones.
Karim Beguir.
Karim Beguir and Zohra Slim, two Tunisian entrepreneurs who have made a significant impact in the technology industry with the success of their AI and machine learning (ML) company, InstaDeep, are set to pocket millions of dollars in a $390-million deal with German biotechnology company BioNTech.
Beguir, the CEO and co-founder of InstaDeep, brings a wealth of knowledge and expertise to his role with a background in applied mathematics from France's prestigious Ecole Polytechnique and experience as a Program Fellow at NYU's Courant Institute. His mission to make AI accessible to a wide audience has been a driving force behind the success of InstaDeep.
Similarly, Slim, the self-taught software and system integration expert and co-founder of InstaDeep, has made a significant impact in the AI industry. She has led the company to become a leader in the field of artificial intelligence by leveraging her in-depth knowledge, unique drive, and unparalleled people management skills.
These skills have been instrumental in the company's success and have helped her to build a thriving tech company with her unique combination of skills.
Since the two Tunisian entrepreneurs founded InstaDeep in 2014, the company, which specializes in decision-making enterprise AI products, has quickly grown to become an EMEA leader in AI and ML, with headquarters in London and offices in several other EMEA cities.
The success of InstaDeep caught the attention of BioNTech, a German biotechnology company, which recently agreed to acquire the InstaDeep for a total upfront consideration of £362 million ($390 million) in cash and BioNTech shares.
The fact that Beguir and Slim will be making millions of dollars from their investments and work in the company thanks to this acquisition not only proves their financial success, but it also speaks highly of their talent and commitment.
The deal, which is expected to close in the first half of 2023, subject to customary closing conditions and regulatory approvals, follows BioNTech's initial equity investment in January 2022 as part of InstaDeep's Series-B financing round.
But the sale of InstaDeep is more than just a financial win for Beguir and Slim; it also highlights the growing impact and influence of African entrepreneurs in the global technology industry, as the two entrepreneurs have made significant contributions to the democratization of AI, making it accessible to a wider audience and improving the efficiency and ROI of businesses worldwide.
Through their success with InstaDeep, they have demonstrated that with the right combination of skills and dedication, African entrepreneurs can thrive in the competitive tech industry.
As they embark on a new chapter with BioNTech, Beguir, and Slim, leave behind a legacy of innovation and a commitment to making AI accessible to all. Despite the sale of their company, they will continue to play leadership roles in driving the integration of InstaDeep into BioNTech.
Their unique combination of skills and expertise has proven that anything is possible with hard work and determination, and with the inclusion of other investors in InstaDeep, the two entrepreneurs will also be eligible for additional performance-based future milestone payments of up to £200 million ($215 million).
Related Topics:African BillionairesBillionaires AfricaBioNTechInstaDeepKarim BeguirTunisian entrepreneursZohra Slim
Cameroonian businessman accuses South African bank of misleading justice in $235-million property seizure
Ahmed El-Sewedy-led Elsewedy Electric wins $176.10 million Saudi solar power contract
African-American multi-industry creative, Kanye West, who is now formerly known as Ye, may face a new hurdle in his business and personal life as he may be denied entry into Australia.
Anti-Defamation Commission Chairman Dvir Abramovich and opposition leader Peter Dutton have joined in calling for Kanye West to be banned from entering Australia due to his "appalling" comments.
The backlash from Ye's anti-Semitic remarks (Kanye West) has already had a significant impact on his business ventures and wealth. In October, he lost all of his partnerships through his brand Yeezy with companies such as Adidas and Balenciaga.