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Polynome Group Announces Launch of $100 Million Fund for AI Startups in 2025

DUBAI, 11th June 2024 – Polynome Group, a prominent technology firm based in the UAE, has unveiled a substantial $100 million fund aimed at nurturing AI startup companies, set to launch in the first quarter of 2025.

This fund will target investments in technology, AI software applications, and robotics startups, aligning with broader objectives to enhance the adoption of AI and digital technologies. The announcement was made at the AI Retreat, organized by the Dubai Centre for AI Applications in collaboration with the National Programme for Artificial Intelligence.

The AI Retreat, the largest event of its kind, aims to accelerate the deployment and utilization of AI applications. It brought together 1,000 decision-makers, experts, and officials from both the public and private sectors.

A unique aspect of this fund is its “Founders for Founders” philosophy, driven by the Polynome team’s own entrepreneurial success in creating and exiting AI startups.

“Our goal is to amplify technology’s contribution to the UAE’s GDP, establish a national tech hub and community, attract top international talent, and position the UAE as a leader in AI research and innovation,” stated Alexander Khanin, CEO and founder of Polynome Group. The fund will target seed, Series A, and growth stage startups, with initial investments ranging from $500,000 to $5 million per company.

Polynome VC plans to invest in up to 40 companies over the next five years. As a smart money fund supported by the UAE government, it will offer not only financial backing but also deep tech expertise. The team comprises over 100 AI/ML experts, data scientists, natural language processing specialists, computer vision engineers, and mentors from leading global tech companies. They will provide thorough technical due diligence on products and teams to inform investment decisions and M&A opportunities.

“We are committed to fostering strong connections with the scientific community and prominent entrepreneurs while investing in AI products that will become essential in everyday life,” added Khanin.

Beyond the financial investment, Polynome VC will offer a suite of investment advisory services, including fundraising strategy, M&A advisory, investment research, and strategic advisory for its portfolio companies.

With the UAE’s robust venture ecosystem, favorable business policies, and the influx of top tech talent due to global circumstances, Polynome VC is strategically positioned to drive the next wave of innovation from Dubai.

Polynome Group is also known for organizing the Middle East’s largest professional AI summit, Machines Can See, and for its development of foundational models and applied AI products.

Read Also: Mistral AI Raises $640 Million in Series B Funding Round

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