Presight And Shorooq Launch $100 Million Global Fund To Accelerate AI Innovation Worldwide

Presight, a prominent AI and big data analytics firm, has partnered with Shorooq, an Abu Dhabi-based investment company, to launch a global AI innovation fund. This initiative, named Presight–Shorooq Fund I, aims to invest US$100 million in pioneering AI technologies. The collaboration underscores the UAE's leadership in AI development and its commitment to fostering innovation on a global scale.

The fund will target investments that utilise artificial intelligence, machine learning, and advanced data analytics to revolutionise industries and tackle significant challenges. By leveraging Presight's expertise in AI and Shorooq's investment experience, the fund aims to connect visionary entrepreneurs with strategic capital and mentorship. This approach is designed to bridge ecosystems and support high-impact ventures worldwide.

Mansoor Al Mansoori, Vice Chairman of Presight, highlighted the UAE's role in global AI innovation. He stated, "Abu Dhabi stands at the forefront of global AI innovation, and the world increasingly looks to the UAE as a trusted leader in AI development and deployment. The Presight–Shorooq Fund is a strategic extension of this vision."

The fund will support companies across various stages of development that are creating innovative solutions in areas such as smart cities, energy, fintech, AR/VR, GameDev, Industry 4.0, and deep tech. Portfolio companies will benefit from access to Presight’s technical resources like cloud computing and secure data environments. Additionally, they will gain entry into Shorooq’s extensive network of partners across multiple regions.

Thomas Pramotedham, CEO of Presight, emphasised the unique value proposition of the fund: "We’re combining Presight’s AI leadership with Shorooq’s investment acumen to fuel the next wave of AI innovation...This combination of funding, infrastructure, and distribution channels is designed to give AI companies the edge they need to scale quickly and responsibly."

Strategic Partnerships

Mahmoud Adi from Shorooq described this partnership as pivotal for AI investment by merging Middle Eastern capital with global innovators. He remarked that this collaboration not only provides financial backing but also offers strategic guidance and long-term partnerships. The initiative aims to showcase how regional resources can meet global ideas effectively.

The establishment of this fund within Abu Dhabi Global Market highlights the UAE's pivotal role in the international AI landscape. It serves as a hub for talent and infrastructure while providing essential funding for future AI advancements. The fund seeks to empower entrepreneurs globally by offering both capital and comprehensive support systems.

By investing in diverse sectors such as fintech platforms in New York or energy startups in London, the fund intends to propel these ventures onto a global stage. Its goal is not just financial investment but also facilitating growth through access to international markets and customers.

This initiative represents more than just financial backing; it signifies a commitment to nurturing innovative solutions that can transform businesses worldwide. With its comprehensive support system including infrastructure resources alongside strategic guidance from industry leaders like G42 Group Holdings Limited (G42), this fund offers unparalleled opportunities for scaling up responsibly.

In summary: Through their combined efforts under Presight–Shorooq Fund I umbrella project - these two entities aim at bridging East-West divides while empowering entrepreneurs globally who are solving problems using scalable Artificial Intelligence solutions capable enough making significant differences across industries around us today!

With inputs from WAM