Presight and Shorooq gave details on the first cohort of firms receiving funds from their joint AI fund. The USD 100 mn vehicle is initially targeting UAE and US firms working in “frontier intelligence,” according to a press release. Launched last September, the vehicle fund invested over USD 18.5 mn in five startups during its first quarter of operations. So far, recipients include:

  • Abu Dhabi’s NodeShift, which raised USD 1 mn seed round for its sovereign AI cloud platform that integrates virtualization and workloads while keeping data onshore;
  • San Francisco-based Candid, which raised USD 6 mn as it builds out tech that aims to shorten pre-construction bidding for construction firms and improve bid consistency;
  • New York-based Hebbia, which raised an undisclosed sum and develops AI and automation tools for applications in finance, law, and government;
  • San Francisco-based Blue, which raised USD 5.5 mn to build a voice and edge AI system that performs multi-step tasks on mobile devices through a hardware-software interface;
  • San Francisco-based startup Crunched, which raised USD 6 mn as it offers an AI assistant inside Excel for auditing, data integration, and analysis in consulting workflows.

REMEMBER- The fund plans to back 25-30 AI and deep tech startups, allocating roughly 40% of its capital to late-stage rounds to help high-growth companies scale. It’s targeting 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.

Shorooq plans to ramp up its AI investments this year, launching a USD 200 mn fund backed by the Qatar Investment Authority to target the GCC’s late-stage and pre-IPO companies. The vehicle will focus on fintech infrastructure, software, and AI, backing companies that support regulated or mission-critical activities across the MENA region.

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