Technology growth

UAE G42 unveils $10 billion tech growth fund

UAE-based artificial intelligence and cloud computing company G42 has launched a $10 billion technology growth fund to focus on technology investments in emerging markets. G42 is backed by Mubadala Investment Co. and technology investor Silver Lake.

The G42 Expansion Fund, formed in partnership with the Abu Dhabi Growth Fund (ADG), will invest in late-stage growth companies with disruptive technologies and strong business fundamentals, according to a statement.

The ADG is a sovereign wealth fund that was established last year by the state-controlled ADQ to focus on generating high financial returns for the government of Abu Dhabi. “As a new sovereign investor, ADG has a unique risk profile that complements Abu Dhabi’s existing sovereign wealth funds. ADG invests primarily in private equity, venture capital, hedge funds and public equities,” according to its website. .

The investment priorities of the G42 Expansion Fund will extend to technologies such as computing and communication technologies, smart mobility, clean technologies and renewable energies, digital infrastructures, new materials, multiverses, fintech, healthcare and life sciences.

“With the G42 Expansion Fund, we aim to accelerate our global impact not only by deploying capital, but also by providing unique access to our networks, management and operational assets to our portfolio companies,” said Peng Xiao, CEO of G42 Group. and Chairman of the G42 Expansion Fund Investment Committee, said.

In early August, G42 Healthcare announced a partnership with Amazon Web Services (AWS) to develop a new global genomics, proteomics and biobanking service. Last year, Bayanat of G42, a geospatial, data analytics and artificial intelligence company, unveiled its new fleet of self-driving vehicles under the TXAI brand, representing the country’s first fully self-driving taxis.

(Reporting by Seban Scaria; editing by Daniel Luiz)

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