Presight, Shorooq set up USD 100 mn AI fund: G42-backed data analytics firm Presight and investment firm Shorooq Partners launched a USD 100 mn global fund to back AI ventures worldwide, according to a press release (pdf). The Presight-Shorooq Fund I will target AI, machine learning, and data analytics startups across multiple sectors, including smart cities, fintech, energy, gaming, AR/VR, Industry 4.0, and other deep tech fields.

The details: The fund will also offer portfolio companies access to Presight’s infrastructure, including cloud computing, GPU resources, and secure data environments, as well as distribution channels through G42 and Presight’s international customer base.

What they said: “This combination of funding, infrastructure, and distribution channels is designed to give AI companies the edge they need to scale quickly and responsibly, and that is the unique value,” Presight’s CEO Thomas Pramotedham said.

REMEMBER- Presight has been stepping up investments in startups this year. It launched the first edition of its AI-Startup Accelerator, bringing in 10 companies from the UAE, Singapore, Indonesia, Azerbaijan, Tajikistan, and the US, which will run through December, according to a press release. The company is also working on expanding its international footprint, with agreements to support the Azerbaijani government on AI development, develop Kazakhstan’s first national supercomputer, and plans to expand into Saudi Arabia.

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