Polynome Group Unveils $100 Million Fund To Elevate UAE's AI Startup Ecosystem

Polynome Group, a prominent technology firm based in the UAE, has unveiled a $100 million fund aimed at AI startup companies, set to commence in the first quarter of 2025. This initiative targets investments in technology, AI software applications, and robotics, aligning with the group's objective to enhance AI and digital technology adoption.

The announcement was made during the AI Retreat organised by the Dubai Centre for AI Applications in collaboration with the National Programme for Artificial Intelligence. This event, the largest of its kind, aims to accelerate AI application adoption and usage. It was attended by 1,000 decision-makers, experts, and officials from both government and private sectors.

Polynome Group has received in-principle approval from the Dubai International Financial Centre (DIFC) and Dubai Financial Services Authority (DFSA) to launch its AI fund in 2025. This follows a review and conditional endorsement of the proposed fund structure and investment strategy by the regulators.

Founders for Founders Concept

The fund features a unique "Founders for Founders" concept. The Polynome team comprises entrepreneurs with successful experience in creating and exiting AI startups. "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," said Alexander Khanin, CEO and founder of Polynome Group.

Investment Strategy

The fund will invest in seed, Series A, and growth stage startups with initial investments ranging from $500,000 to $5 million per company. Over a five-year period, it expects to invest in up to 40 companies. As a smart money fund supported by the UAE government, Polynome VC will provide smart funding and deep tech expertise.

Expert Team

The team includes over 100 AI/ML experts, data scientists, natural language processing specialists, computer vision engineers, and mentors from leading global tech companies. They are equipped to conduct thorough technical due diligence on products and teams for investment decisions and M&A opportunities.

Strengthening Links

"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," added Alexander Khanin. In addition to the fund, Polynome VC will offer investment advisory services including fundraising strategy, M&A advisory, investment research, and strategic advisory for portfolio companies.

Positioning for Innovation

With the UAE's growing venture ecosystem, favourable business policies, and the relocation of top tech talent due to global circumstances, Polynome VC is well-positioned to drive the next wave of innovation from Dubai. Polynome Group is also known for organising Machines Can See, the largest professional AI summit in the Middle East, and for developing fundamental models and applied AI products.

With inputs from WAM