Presight & Shorooq launch $100 million AI fund
Global investment targets next-generation AI breakthroughs
#UAE #funding - Abu Dhabi-based AI and big data analytics company Presight and Abu Dhabi-headquartered investment firm Shorooq have launched a $100 million global AI innovation fund (Presight–Shorooq Fund I) to accelerate AI breakthroughs worldwide. The fund will invest in AI startups across multiple stages, focused on areas such as smart cities, energy, fintech, AI/ML, AR/VR, GameDev, Industry 4.0, and deep tech. Portfolio companies will not only secure venture capital, but also gain access to Presight's technical infrastructure including cloud compute and GPU resources alongside Shorooq's international network spanning the Middle East, North Africa, and Asia.
SO WHAT? - The new Presight-Shurooq Fund joins the growing number of Middle Eastern venture capital funds focused on AI. However, this is one of the largest AI-focused fund and the first AI fund of its size to be established by a technology company from the region. The combination of Presight's technical expertise and international customer base with Shorooq's investment track record creates a unique value proposition is sure to attract new global AI startups to Abu Dhabi.
Here are some key details about the new fund announcement:
ADX-listed AI analytics company Presight has partnered with FSRA-regulated investment firm Shorooq to create Presight–Shorooq Fund I, a $100 million AI innovation fund targeting next-generation breakthroughs from global startups at all stages.
Investment focus areas include smart cities, energy, fintech, artificial intelligence and machine learning, augmented and virtual reality, game development, Industry 4.0, and deep technology solutions.
According to Presight CEO Thomas Pramotedham emphasised the new fund is differentiated by combining venture capital with infrastructure resources and international market access for rapid, responsible scaling of AI companies.
Portfolio companies will gain access to Presight's technical infrastructure including cloud compute, GPU resources, and secure data environments alongside the company's international customer network and distribution channels.
Abu Dhabi-headquartered Shorooq brings investment expertise from backing category leaders including Pure Harvest Smart Farms, Nymcard, Tamara, Sarwa, Lean Technologies, TruKKer, Mozn, and Lendo across MENA markets.
The fund establishment in Abu Dhabi Global Market adds more weight to the UAE's growing leadership in the global AI ecosystem as both innovation source and funding destination for next-generation artificial intelligence.
ZOOM OUT - The fund follows the launch of the Presight's AI Accelerator programme, which launched its inaugural cohort last month. Ten global startups selected from over 120 applications across 17 countries, are taking part in the accelerator. The programme was developed in collaboration with Microsoft through its Founders Hub initiative, and is the first such acceleration programme created by a publicly-listed Middle Eastern technology company. Unlike traditional venture-backed accelerators, Presight's programme leverages the company's established government and enterprise client base to provide startups with direct commercial pathways, rather than relying on venture capital funding.
[Written and edited with the assistance of AI]
Read about Presight’s AI Accelerator programme:
Presight AI-Startup Accelerator holds first bootcamp (Middle East AI News)
Presight selects 10 AI startups to join accelerator (Middle East AI News)
Deadline approaches for Presight AI startup accelerator (Middle East AI News)
Presight launches accelerator for early stage AI startups (Middle East AI News)