New Delhi, Sept. 23 -- An artificial intelligence and big-data analytics company Presight, which is backed by Abu Dhabi's technology group G42, has partnered with a UAE-based multi-asset investment firm Shorooq Partners to launch a global AI innovation fund.
The Presight-Shorooq Fund I aims to invest $100 million (around Rs 887 crore) in companies that are in various stages of developing cutting-edge AI, machine learning, and analytics solutions.
The fund will leverage G42 and Presight's international customer network, and will have access to a channel distribution network across the ecosystem of the UAE.
The key focus areas of the vehicle would include smart cities, energy, fintech, AI/ML, AR/VR, GameDev, Industry 4.0, and deep tech.
"The fund will enable us to identify and support bold entrepreneurs from Silicon Valley to Southeast Asia who are building AI solutions that can transform businesses and societies," said Thomas Pramotedham, Chief Executive Officer, Presight.
He added that, beyond capital, the portfolio companies could benefit from having access to its infrastructure resources, international markets, and customers that could help the companies scale up quickly and responsibly.
Founded in 2020, the ADX-listed Presight, is majority owned by Abu Dhabi company G42 and is the region's leading big data analytics company powered by GenAI. Earlier this year, Presight launched a joint venture with the UAE's Central Bank to deliver AI-enabled solutions and support for its financial offerings.
Meanwhile, Shorooq, which manages a portfolio of around 80 companies, offers venture capital and venture-debt strategies. It is currently deploying through its third venture capital fund Bedaya Fund II and is raising a $100-million debt fund-Nahda Fund II to finance tech startups in the region.
Bedaya Fund II, which is backed by several sovereign wealth funds (SWFs) including Mubadala, ADQ, Jada Fund of Funds, Saudi Venture Capital (SVC), Al Waha Fund of Funds and Korean Venture Investment Corporation (KVIC), is focused on early-stage startups operating in fintech, software, platform verticals, and digital assets in the Gulf Cooperation Council, Egypt, Pakistan, and South Korea.
Founded in 2017 by Mahmoud Adi and Shane Shin, Shorooq has a portfolio that is largely dominated by startups in the Middle East, followed by those in Africa, South Asia, and the US, with an equity value exceeding $1.5 billion.
The firm has so far invested more than $85 million in leading Saudi tech startups such as the region's first unicorn Tamara, Lean Technologies, Lendo, Mozn.ai, Amwal, and Penny.
Published by HT Digital Content Services with permission from VC Circle.