Polynome Group, a leading technology company based in the UAE, has announced a $100 million fund for AI startup companies starting from the first quarter of 2025.
The aim is to invest in startups in the fields of technology, AI software applications, and robotics, in line with mutual goals to expand the adoption of AI and digital technologies beginning in the first quarter of 2025.
The Dubai Centre for AI Applications, in partnership with the National Programme for Artificial Intelligence, announced advancements at the AI Retreat. The event, gathering 1,000 leaders from government and private sectors, aims to expedite AI adoption and usage.
Polynome Group has secured in-principle approval from the Dubai International Financial Centre (DIFC) and Dubai Financial Services Authority (DFSA) to launch its AI fund in 2025, following the regulators' review and conditional endorsement of the proposed fund structure and investment strategy. The fund has a unique "Founders for Founders" concept, as the Polynome team themselves are entrepreneurs with successful experience creating and exiting AI startups.
"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.
Polynome plans to invest in 40 companies over 5 years. With a team of 100+ experts, they offer smart funding and deep tech knowledge, specializing in AI/ML, NLP, and computer vision. Their due diligence process ensures sound investment decisions and M&A prospects.
"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.
Polynome VC introduces a fund alongside investment advisory services, targeting Dubai's thriving venture scene amid favorable business conditions and a surge in tech talent relocation. Leveraging its reputation and expertise in AI, particularly demonstrated through organizing major industry events and AI product development, Polynome VC aims to drive innovation in the region.
News Source: Emirates News Agency
