Abu dhabi: Presight, a leading global AI and big data analytics company, and Shorooq, an Abu Dhabi-headquartered investment firm regulated by the FSRA as Fund Manager, have announced the launch of a global AI innovation fund named Presight-Shorooq Fund I. The fund aims to invest $100 million in advancing the next generation of AI breakthroughs.
According to Emirates News Agency, Mansoor Al Mansoori, Vice Chairman of Presight, attended the signing ceremony for the Presight-Shorooq Fund I. He emphasized Abu Dhabi’s leading role in global AI innovation and highlighted the UAE’s reputation as a trusted leader in AI development and deployment. Al Mansoori stated that the fund represents a strategic step in realizing this vision, aiming to attract promising AI startups globally to Abu Dhabi for capital and to leverage the UAE’s ability to implement transformative AI solutions.
The fund has been established in the Abu Dhabi Global Market, symbolizing the UAE’s leadership in the global AI ecosystem. The collaboration between Presight and Shorooq is set to deploy significant capital into AI ventures worldwide, focusing on leveraging artificial intelligence, machine learning, and advanced data analytics to transform industries and address pressing challenges.
The fund will benefit from Presight’s expertise in AI and big data solutions and Shorooq’s experience in managing capital and scaling startups. It aims to connect visionary founders with strategic capital and mentorship while providing access to a channel distribution network across the UAE, G42, and Presight’s international customer network. The fund’s goal is to support high-impact ventures, whether they are fintech AI platforms in New York, energy startups in London, or smart city solutions in Singapore, and to propel their growth globally.
Thomas Pramotedham, CEO of Presight, noted that the fund combines Presight’s AI leadership with Shorooq’s investment expertise to support entrepreneurs globally. The fund aims to provide more than just capital; portfolio companies will also have access to infrastructure resources and international markets, offering a unique value proposition.
Mahmoud Adi, Founding Partner of Shorooq, highlighted that the partnership marks a defining moment for AI investment, combining Middle Eastern capital and expertise with global innovation. The fund aims to bridge East and West, showcasing the potential when the region’s resources meet the world’s best ideas.
The fund intends to support companies at various stages that are developing cutting-edge AI, machine learning, and analytics solutions. Key areas of interest include smart cities, energy, fintech, AI/ML, AR/VR, GameDev, Industry 4.0, and deep tech. Portfolio companies will benefit from access to Presight’s technical expertise and infrastructure, including cloud computing and secure data environments, alongside Shorooq’s global network of partners and strategic markets.