Polynome Group Launches $100M Fund For UAE AI Startup Ecosystem
Polynome Group, a leading technology firm based in the UAE, has unveiled plans to establish a $100 million fund dedicated to AI startup companies. This initiative, set to commence from the first quarter of 2025, aims to bolster startups specializing in technology, AI software applications, and robotics. The fund's primary objective is to enhance the adoption and integration of AI and digital technologies, marking a pivotal step in the expansion of the tech industry in the region.
The announcement was highlighted during the AI retreat, a collaborative effort between the Dubai Center for AI Applications and the National Program for Artificial Intelligence. This retreat, known for being the largest event of its kind, focuses on propelling the use of AI applications. It draws the presence of over 1,000 decision-makers, experts, and officials from both governmental and private sectors, underlining the event's significance in the AI landscape.
Polynome Group has submitted the application to Dubai Financial Services Authority (DFSA) to launch its AI fund in 2025, following the regulators’ review and conditional endorsement of the proposed fund structure and investment strategy.
"Our mission is to increase the technology contribution to the UAE's GDP, build a national tech hub and community, attract top international talent, and make the UAE a leader in AI research and innovation," stated Alexander Khanin, CEO and founder of the Polynome Group. The fund is poised to invest in seed, Series A, and growth stage startups, with initial investments ranging from $500,000 to $5 million per company.
Over a 5-year period, the fund is expected to invest in up to 40 companies. As a smart money fund backed by the UAE government, Polynome VC is set to offer not only funding but also deep tech expertise. The team boasts over 100 AI/ML experts, data scientists, and specialists in fields such as natural language processing and computer vision. This expertise will be instrumental in conducting technical due diligence for investment decisions and exploring merger and acquisition opportunities.
"We aim to create and strengthen links with the scientific community, prominent entrepreneurs, and invest in AI products that will become integral to people's everyday lives," Khanin added. Furthermore, Polynome VC will provide investment advisory services, including fundraising strategy, M&A advisory, investment research, and strategic guidance for portfolio companies.
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