AI duo net windfall in German takeover
THE founders of a London-based tech firm could see a windfall of around £280m after it was bought by the Germans.
Entrepreneurs Karim Beguir and Zohra Slim set up artificial intelligence (AI) company InstaDeep in 2014 in Tunisia.
The company has been sold to German vaccine maker BioNTech for £562m. It is unclear how much Beguir and Slim still own with a spokesman simply saying it is less than 25pc of the company each. But that could see them separately make up to £140m from the sale.
Chief executive Beguir, an engineer who was born in France but lives in London, said he was very ‘excited to join forces and become one team with BioNTech’.
InstaDeep provides AI powered decision-making systems for companies, which includes everything from helping shipping firms work out transport routes to determining the best technology to fight cancer.
As well as the firm’s London HQ, it has offices in Paris, Tunis, Lagos, Dubai, and Cape Town, employing 240 people.
The acquisition of yet another UK based tech firm also marks BioNTech’s biggest deal to date following its own Covid windfall.
The pharma giant said it agreed to pay £362m in cash and cash equivalents, as well as a further £200m based on InstaDeep’s future performance.