Abu Dhabi Fuels AI Innovation: Presight and Shorooq Launch $100M Global Fund
The burgeoning field of Artificial Intelligence has a new champion in the investment world. Abu Dhabi-based Presight, a global leader in AI and big data analytics, and Shorooq Partners, a prominent investment firm, have joined forces to launch Presight–Shorooq Fund I. This $100 million global fund will focus on identifying and supporting promising AI startups worldwide, offering a significant boost to innovation in various sectors. This initiative has the potential to influence the tech landscape in Africa, bringing opportunities for growth and development within the continent’s tech ecosystem.
Targeted Investments in AI and Related Fields
The fund will target early-stage to growth-stage startups specializing in AI, machine learning (ML), and related technologies. This includes ventures in smart cities, energy, fintech, augmented reality/virtual reality (AR/VR), Industry 4.0, and deep tech. Beyond financial backing, the fund will offer invaluable resources, including access to GPU resources, secure data environments, and distribution networks, leveraging the extensive ecosystem of Presight and its parent company, G42. This comprehensive support system aims to provide startups with a significant advantage in a competitive global market. In the context of African tech, this could offer a path for African startups to get support and mentorship from global leaders.
The collaboration combines Presight’s deep AI expertise with Shorooq Partners’ established investment track record. The aim is to connect founders globally with the robust infrastructure, experienced mentors, and expanding markets of the United Arab Emirates. This strategic partnership positions Abu Dhabi as a hub for scalable and transformative AI solutions, paving the way for a future driven by cutting-edge technology.
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