{"id":94372,"date":"2024-07-31T00:00:00","date_gmt":"2024-07-31T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/shorooq-partners-leads-usd-20-mn-investment-in-deeptech-ai-firm\/"},"modified":"2024-07-31T00:00:00","modified_gmt":"2024-07-31T00:00:00","slug":"shorooq-partners-leads-usd-20-mn-investment-in-deeptech-ai-firm","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/07\/31\/shorooq-partners-leads-usd-20-mn-investment-in-deeptech-ai-firm\/","title":{"rendered":"Shorooq Partners leads USD 20 mn investment in deeptech AI firm"},"content":{"rendered":"

INVESTMENT-<\/p>\n

Shorooq Partners leads landmark AI startup funding round: <\/strong>Abu Dhabi-based venture capital firm Shorooq Partners Shorooq Partners led a USD 20 mn series A funding round for Saudi deep-tech AI company Intelmatix<\/a>, marking the region\u2019s largest series A round for an AI startup, according to a press release<\/a>. The round saw participation from Saudi Venture Capital Company, Saudi Technology Ventures (STV), Olayan Financing Company, Sultan Holdings, Zain Ventures, and Rua Growth Fund. <\/p>\n

About Intelmatix:<\/strong> Founded by MIT scientists, Intelmatix seeks to bridge the region\u2019s AI gap through its flagship product, the Enterprise Decision Intelligence Platform, which is designed to provide comprehensive AI solutions for organizations without requiring extensive AI expertise.<\/span><\/p>\n

The story got ink in <\/strong>Bloomberg<\/a><\/strong>.<\/strong><\/p>\n

ENERGY-<\/p>\n

#1-<\/strong> Adnoc ramped up production at its offshore Satah Al Razboot oil field by 25%,<\/strong> reaching 140k barrels a day, the state-owned oil giant said in a statement<\/a>. The state-run oil company credited the digitalization of its operations at the field, including the use of remote monitoring and AI, for the increase in production. The Satah Al Razboot field is located 120km northwest of Abu Dhabi.<\/p>\n

This move brings Adnoc closer to its goal of producing 5 mn bpd by 2027,<\/strong> which Bloomberg<\/a> reported earlier that the oil giant might achieve by the end of 2025 or early 2026, ahead of the original 2027 goal. <\/p>\n

The AI tech was developed by <\/strong>AIQ<\/a><\/strong>, Adnoc\u2019s AI joint venture with G42. <\/strong>AIQ\u2019s DrillRep and OptiDrill solutions enhance drilling efficiency at the field by processing data from rigs and wells to optimize drilling operations. <\/p>\n

#2- <\/strong>Ghafa Sustai<\/strong>nability + Atsuya ink energy and water agreement<\/strong>: Abu Dhabi-based Ghafa<\/a>Sustainability and Energy Solutions<\/a> and Indian sustainability startup Atsuya Technologies<\/a> signed an MoU to cooperate on sustainable energy solutions in the UAE, according to a statement<\/a>. The pair will work together on implementing AI and IoT solutions to improve energy efficiency and sustainability. The agreement was signed on the sidelines of the Investopia Global talks in India's Chennai.<\/p>\n

#3- Dubai wraps up pilot phase for a virtual power plant:<\/strong> The Dubai Electricity and Water Authority has wrapped up its pilot project for a virtual power plant (VPP), the first in the region, a statement<\/a> from the Dubai Media Office showed. The project \u2014 which aims to improve the stability of power distribution and accelerate sustainable energy goals \u2014 has integrated multiple energy sources, including solar inverters, battery energy storage systems, and EV chargers.<\/p>\n

Uh, Enterprise, what\u2019s VPP? <\/strong>A VPP is a network that ties up small-scale, distributed energy sources \u2014 such as rooftop solar panels and EV chargers \u2014 to supply the power grid, offering more flexibility and resilience in power distribution.<\/p>\n

#4- UAE launches nuclear safety system at nuclear facilities: <\/strong>The Federal Authority for Nuclear Regulation has launched the Intelligent Operational Nuclear Safety (IONS) system in partnership with the Mohammed Bin Rashid Space Centre to enhance safety and resilience against climate change at the Barakah Nuclear Power Plant<\/a>, Wam<\/a> reported. IONS uses AI to monitor climate indicators \u2014 sea levels, air quality, earthquakes, and others \u2014 to estimate and predict their severity and impact on nuclear facilities.<\/p>\n

HEALTHCARE-<\/p>\n

#1- Cleveland Clinic Abu Dhabi has become the UAE\u2019s largest center for AI-assisted <\/strong>colonoscopy, <\/strong>running six AI-powered units, which have screened over 2k patients in the year to date, according to a statement<\/a> from the Abu Dhabi Media Office. The use of AI technology allows a real-time analysis of data during colonoscopies, which leads to a more accurate screening and faster results, the statement read.<\/p>\n

#2- <\/strong>Emirates Health Services<\/a><\/strong> launched its virtual healthcare platform, Digital Care Center, <\/strong>providing video consultations for patients across multiple medical specialties, Wam<\/a> reports. The center features a unified digital record connected to all the organization\u2019s affiliated clinics and primary care facilities to ensure efficiency and continuity in providing medical care for citizens. <\/p>\n

SUSTAINABILITY-<\/p>\n

#1- GCFC + Irena partner to scale up global climate finance: <\/strong>Abu Dhabi\u2019s Global Climate Finance Centre (GCFC) struck up a strategic partnership with the International Renewable Energy Agency (Irena) in a bid to advance climate finance and renewable energy initiatives, according to a press release<\/a>. The collaboration will focus on capacity building and supporting climate initiatives by co-hosting events to aid climate firms in finding investors. The two institutions will also jointly conduct research on de-risking mechanisms and green industrialization.<\/p>\n

#2- Arms group to supply UAE with PH2\u2019s hydrogen fuel cell trucks: <\/strong>Australian hydrogen fuel cell vehicle company Pure Hydrogen<\/a> (PH2) signed an MoU with family-owned conglomerate Arms Group<\/a> to become the distributor for its hydrogen fuel cell and battery electric garbage and box trucks in the UAE and surrounding countries, according to a press release (pdf)<\/a>. The partnership will see PH2 start the sale of its hydrogen fuel cell trucks \u2014 named Taurus Prime Mover \u2014 and battery electric EVs starting from 2025 after Arms Group completed due diligence on the vehicles and the signing of definitive agreements.<\/p>\n

TRADE-<\/p>\n

UAE + Pakistan business bodies talk cooperation: <\/strong>The heads of the Federation of Chambers of Commerce and Industry (FCCI) and the Pakistan Business Professional Council (PBPC) met in Abu Dhabi to discuss strengthening cooperation between the Emirati and Pakistani private sectors, Wam<\/a> reports. The meeting between FCCI secretary general Humaid Mohamed bin Salem and PBPC president Syed Qaiser Anis focused on stimulating bilateral trade and investment growth.<\/p>\n

BANKING-<\/p>\n

Adib Securities unveils Islamic US market trading platform: <\/strong>Abu Dhabi Islamic Bank\u2019s (Adib) brokerage Adib Securities<\/a> now allows investors to trade in securities on the New York Stock Exchange and Nasdaq with Sharia-compliant investment options through its upgraded trading platform Adibs Global, according to a press release<\/a>. <\/p>\n

CONSTRUCTION-<\/p>\n

Dubai tests smart inspection vehicles for railroad right-of-way safety: <\/strong>Dubai's Roads and Transport Authority has started testing new smart vehicles designed to monitor railroad right-of-way infrastructure for violations, according to a statement<\/a> from the Dubai Media Office. The vehicles will be deployed at the Dubai Metro and Tram networks.<\/p>\n","protected":false},"excerpt":{"rendered":"

Plus: Lots of energy, climate, and trade news<\/p>\n","protected":false},"author":1,"featured_media":94373,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1552],"tags":[407,1340,47,159,1401,1391,296,143,7,131,1342,758,1341],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-94372","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-abu-dhabi-islamic-bank","tag-ai","tag-also-on-our-radar","tag-banking","tag-climate","tag-debt","tag-dewa","tag-energy","tag-enterpriseam-uae","tag-healthcare","tag-investment","tag-shorooq-partners","tag-tech","wpautop","entry"],"acf":{"mongo_id":"0e940e5a-5a5d-454f-82d7-5d1228c93b36","order":"10","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/2570.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Shorooq Partners leads USD 20 mn investment in deeptech AI firm","related_issue":[94354],"teaser":"Plus: Lots of energy, climate, and trade news","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/7\/.786a82d4-c9e2-4b79-b252-b31b283ff7a8.mp3"},"yoast_head":"\nShorooq Partners leads USD 20 mn investment in deeptech AI firm - 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