A $100 million fund for AI startups will be available beginning in the first quarter of 2025, according to Polynome Group, a well-known technology company with headquarters in the United Arab Emirates.
In keeping with shared objectives to increase the uptake of AI and digital technologies starting in the first quarter of 2025, investments are intended to be made in startups in the domains of technology, robotics, and AI software applications.
The announcement was made at the AI Retreat, which was put on by the National Programme for Artificial Intelligence and the Dubai Centre for AI Applications.
With 1,000 decision-makers, experts, and officials from the public and private sectors in attendance, this is the biggest event of its kind focused on speeding up the adoption and use of AI applications.
After reviewing and conditionally endorsing the proposed fund structure and investment strategy, the Dubai International Financial Centre (DIFC) and Dubai Financial Services Authority (DFSA) have granted Polynome Group in-principle approval to launch its AI fund in 2025. Because the members of the Polynome team are successful entrepreneurs with a track record of founding and exiting AI startups, the fund has a distinctive “Founders for Founders” concept.
“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 the Polynome Group. The fund will invest in seed, Series A, and growth stage startups with an initial investment ranging from $500,000 to $5 million per company.
Over a five-year period, the fund plans to invest in up to 40 companies. Polynome VC, a smart money fund backed by the UAE government, will offer deep tech know-how and astute funding. More than a hundred computer vision engineers, data scientists, AI/ML experts, and mentors from top tech firms around the world are on the team. For the purpose of making investment and M&A decisions, they are capable of performing extensive technical due diligence on teams and products.
“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 provide portfolio companies with strategic advisory, M&A advisory, fundraising strategy, and investment research services.
Polynome VC is in a good position to spur the next wave of innovation from Dubai because of the UAE’s expanding venture ecosystem, friendly business regulations, and the departure of top tech talent as a result of the global climate.
