AI and big data analytics firm Presight and investment firm Shorooq have partnered to create a global fund of $100 million on AI ventures, which will be used to back AI projects and rapid-growth startups, as per an official press release.
Both parties will lend their expertise to the collaboration with Presight giving its insights and expertise in the emerging sector, and Shorooq lending its experience in capital allocation.
“The fund will enable us to identify and support bold entrepreneurs – from Silicon Valley to Southeast Asia – who are building AI solutions that can transform businesses and societies,” said Presight CEO Thomas Pramotedham.
Shorooq is headquartered in Abu Dhabi and regulated by the FSRA. The company’s official website says it has a portfolio of $5 billion in gross equity value with 5 exits and 15,000 jobs created.
Its investment portfolio includes Saudi Arabian fintech Tamara, Pure Harvest, investment platform Sarwa, MANTRA, PRYPCO, and other relevant projects in fintech, AI, proptech, and deeptech.
“This fund is not just another opportunity for HNIs and institutions to target growth but for the world to see (that) how to blend 2 major powers and give a kickstart to the economy,” said startup founder Amritanssh Agarwal.
“This fund will target high ROI, extensive and rigorous growth, along with securing the highest spot on the table for UAE,” he also said.