Nigeria’s AI Startup Touchabl Pictures Raises USD 20 K From GenesysTechHub
Port Harcourt based AI startup Touchabl Pictures has secured a sum of USD 20 K from Genesys Tech Hub. The pre-seed amount will be used for further product development and marketing.
In an earlier article, we spoke about how Touchabl Pictures is using Machine Learning to power its core product. Founded by Gabriel Eze late last year, the app has reportedly seen 1k download till February this year. The startup which fondly calls itself ‘Shazam of pictures’ is working extensively in the field of social commerce. The market which is primarily driven by the millennials is expected to grow at a CAGR of around 34% by 2021 as per research by Technavio.
Also, the trend is further boosted by the availability of smartphones and connectivity. The rise in social media advertising is believed to add fuel to drive this growth.
The founder of the young startup wants to encash on this trend and wants to capture the Nigerian market first, before venturing out. Gabriel explains “we want to become the converging point for fashion designers, fashion retailers, fashion brands, fashion model, fashion enthusiast, and a swarm of fashion-savvy millennials.”
Along with the funding, Touchabl will also receive training and mentorship from GenesysTechHub in the field of industrial digital design and software development. The startup will be a part of the incubator for the next six months.
“The experience and shared passion within the team for the emerging machine learning space inspired us to invest. With our track record and network in the technology space in Nigeria, we want to support them to realize their potential”, added, Mr. Nnamdi Anika, the Managing Director of GenesysTechHub.
The team led by Gabriel Eze were the winners at #StartupSouth3 where Uche Ogboi of EchoVC remarked that the judges selected them ahead of the others because their solution had global applications if supported.
The article was updated at the request of Touchabl Pictures Team.