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Emirati artificial intelligence firm sets up $10 billion tech fund

Updated on: 19 August 2022

Anna Zhadan
Contributor

Technology Week in Dubai, UAE — Technology Week in Dubai. By Shutterstock

Group 42, an Abu Dhabi-based artificial intelligence and cloud computing company, launched the $10 billion G42 Expansion Fund in cooperation with Abu Dhabi Growth Fund (ADG.)

The fund will be allocated in investments to late-stage growth companies with disruptive technologies to accelerate the pace of global innovation. Much of the investment will be dedicated for high-growth regions.

“With the G42 Expansion Fund, we aim to accelerate our global impact not only through the deployment of capital, but also by providing unique access to our networks, management, and operational assets to our portfolio companies,” Peng Xiao, Group CEO at G42 and Chairman of the G42 Expansion Fund’s Investment Committee, commented. “We are eager to engage with trailblazing entrepreneurs who share our core values and growth ambitions, and we are excited to be partnering with ADG to further cement Abu Dhabi as a global hub for innovation and progress.”

The Fund will prioritize technologies that aim “to shape the global economic landscape in the next decades,” including computing and communications technologies, intelligent mobility, clean tech and renewables, digital infrastructures, new materials, multiverses, fintech, healthcare, and life sciences.

“By supporting both innovation and strong management teams within well-organized businesses, the G42 Expansion Fund is an excellent fit with our investment strategy,” Khalifa Al Suwaidi, ADG CEO and Member of the G42 Expansion Fund’s Investment Committee, said.

“The launch of the G42 Expansion Fund is an important milestone in the growth of the UAE’s technology ecosystem as a pioneering driver of innovation and entrepreneurship globally,” Egon Durban, Co-CEO and Managing Partner of Silver Lake and Board Member of G42, commented.

Recently, Group 42 has partnered with Oxford Nanopore Technologies, Cerebras Systems, and FLYR Labs.