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Polynome unveils plans for $100m fund for AI startups

DUBAI, June 11, 2024

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, said a statement.
 
The announcement was made during the AI retreat organised by the Dubai Center for AI Applications in collaboration with the National Program for Artificial Intelligence. This event is the largest of its kind, aimed at accelerating the adoption and use of AI applications, and is attended by 1,000 decision-makers, experts, and officials from both the government and private sectors.
 
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, it said.
 
"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. 
 
The fund expects to invest in up to 40 companies over a five-year period. As a smart money fund supported by the UAE government, Polynome VC will provide smart funding and deep tech expertise. The team has over 100 AI/ML experts, data scientists, natural language processing specialists, computer vision engineers, and mentors from leading tech companies globally. They can conduct thorough technical due diligence on products and teams for investment decisions and M&A opportunities, the company said.
 
"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 offer investment advisory services including fundraising strategy, M&A advisory, investment research, and strategic advisory for portfolio companies.
 
With the UAE's growing venture ecosystem, favourable business policies, and the relocation of top tech talent due to the global situation, Polynome VC is well-positioned to catalyse the next wave of innovation from Dubai, it said. – TradeArabia News Service
 



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