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Verloop.io secures $5m in funding; Dubai plans drone air corridors
Here’s your weekly roundup of Middle East AI News!
Our top story is the investment by Abu Dhabi's Alpha Wave Incubation (AWI) fund in the Indian CX automation startup Verloop.io. The AI-powered platform secured $5 million in the Series-A round, bringing it's total funding to $8 million.
This is the first investment announced by AWI, an India-focused fund of $300 million set up by New York fund manager Falcon Edge Capital for ADQ (previously Abu Dhabi Holding Company). Funding is contingent on each startup setting up in Masdar City and this week Gaurav Singh, founder & CEO of Verloop, confirmed that the company is indeed setting up an R&D centre in Abu Dhabi for engineering, machine learning and AI.
In other news, Dubai Air Navigation Services (DANS) will now start planning Dubai's air corridors for future drone flights together with Dubai Roads and Transport Authority (RTA). Scroll down for these stories and more!
Stay safe and have a great weekend!
#UAE #funding - Abu Dhabi's plan to attract more technology R&D seems to be working. According to Gaurav Singh, founder & CEO of Bangalore-headquartered Verloop.io, the company is setting up an R&D centre in the UAE capital following funding from the $300 million Alpha Wave Incubation fund. (The National)
#UAE #ethics - Dubai's Ethics Advisory Board – an initiative by the Smart Dubai – convened for its second meeting for 2020 last week bringing together board members representing leading government and private-sector entities to explore plans for the upcoming period. (Smart Dubai)
#UAE #drones - Dubai Air Navigation Services (DANS), Dubai's air traffic management (ATM) and air traffic control (ATC) provider, has signed an MoU with Dubai Roads and Transport Authority (RTA), under which it will chart out air corridors for autonomous aerial vehicles (AAVs). (Khaleej Times)
#Saudi #drones - Saudi Arabian Monetary Agency’s (SAMA) has given clearance for insurance firms to extend coverage to drone operators, assuming they are licensed for specified activity such as aerial surveys, geographic information systems, inspections of communication towers, power lines, industrial installations, or for aerial photography in designated places. (Gulf News)
#Kuwait #education - Huawei has launched the new version of its national ICT education programme “Seeds for the Future 2020” in Kuwait in cooperation with launched its of the Kuwait Foundation for the Advancement of Sciences (KFAS). (Arab Times)
#MEA #spending - Analysis from IDC predicts spending on AI systems in the Middle East and Africa region will hit $374.2m this year, up from $261.8m in 2018 and a projected expenditure of $310.3m in 2019. (ZDNet)
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Carrington Malin is a UAE-based entrepreneur, marketer and writer who focuses on emerging technologies.