Group 42 (also known as G42), an artificial intelligence and cloud computing firm chaired by the Gulf state’s national security advisor, announced today the launch of a $10 billion fund to invest in late-stage technology startup companies.
G42, which also counts prominent Abu Dhabi sovereign wealth fund Mubadala as an investor, said the fund would operate as a private equity investor targeting a broad spectrum of technologies “that promise to shape the global economic landscape in the next decades”.
Founded in 2018, the Abu Dhabi, United Arab Emirates (UAE)-based G42 is focused on the development of AI industries in the government sector, healthcare, finance, oil and gas, aviation, and hospitality.
The firm will invest the fund tech startups in the areas of cloud computing, clean technology and renewables, digital infrastructure, life sciences, healthcare, new materials, and fintech, among others.
In a statement, G42 Chief Executive Peng Xiao said: “We are eager to engage with trailblazing entrepreneurs who share our core values and growth ambitions.”
The fund would be managed by a subsidiary and formed in partnership with Abu Dhabi Growth Fund, owned by another Abu Dhabi sovereign wealth fund, ADQ, G42 said.
Over the past two years, G42 partnered with the Abu Dhabi Department of Health on COVID-19 pandemic management to provide scalable diagnostics and a successful nationwide vaccine rollout.
The firm also expanded its capabilities through the acquisitions of Injazat, a regional market leader for digital transformation IT services, and Khazna Data Centers, a commercial wholesale data center provider. In 2020, G42 became the first UAE-based company to establish an office in Israel, following the signing of the Abraham Accords.
