The G42 Group, which specializes in artificial intelligence and cloud computing technology in the UAE, has launched an expansion investment fund of $10 billion to promote technological growth globally, in partnership with the Abu Dhabi Growth Fund.
According to Arab Net, the investment fund, which will be managed by a subsidiary of the G42 Group, will focus on accelerating the pace of global innovation by investing in a group of companies in their advanced stages, which are characterized by innovative technologies and have strong and solid business foundations.
The G42 Expansion Fund acts as a private equity investor within these companies, with a large share of the investment being allocated to regions experiencing significant growth. In addition to investment support, the group will benefit from its operating assets and system of operating companies to enhance the value provided to the companies that will be included in the fund's investment portfolio.
The Fund places among its investment priorities various technologies that contribute to building and developing the future of the global economy in the coming years, such as computing and communications technologies, smart mobility, environmentally friendly technology and renewable energy sources, digital infrastructure, new materials, virtual worlds, financial technology, and health care, and life sciences.
G42 is developing high-impact technological solutions by utilizing its capabilities in the field of cloud computing and its basic and applied research in the field of artificial intelligence, with the aim of finding solutions to the world's most complex problems, supported by a strong and diversified business portfolio that includes Data Company, G42 Healthcare, and G42 Smart Nation. , G42 Cloud, Achievements, Safe, Precite, and more. The G42 also collaborates with a growing group of world-class organizations, committed to its mission of providing access to the latest technology to everyone in the world's markets.
It is noteworthy that G42 and its subsidiaries recently signed several strategic partnerships and investment agreements, including the partnership between G42 Healthcare and Oxford Nanopore Technologies, a UK-based genetic sequencing company, and G42's investment in Beyond Limits. Artificial Intelligence for US-based Enterprises and Industries; G42's partnership with Cerebras Systems, a leading US company that includes a team of computer engineers, deep learning researchers and other engineers working on designing a new type of computer system specifically for artificial intelligence uses; and a partnership with Fly Labs, a US company focused on providing AI-based applications in revenue management to major carriers.
