Presight & Shorooq Launch $100M AI Fund for Global Breakthroughs
Presight and Shorooq have launched the Presight-Shorooq Fund I, a global AI innovation fund targeting $100 million. The fund aims to invest in cutting-edge AI breakthroughs worldwide, focusing on smart cities, energy, fintech, and other key areas.
The fund, a strategic extension of Abu Dhabi's leadership in AI development, will provide more than just capital. It will offer access to Presight's technical expertise and infrastructure, and Shorooq's global network. This comprehensive support aims to help ventures effectively integrate AI into their processes, enhancing human creativity and decision-making.
Mahmoud Adi, founding partner of Shorooq, sees this partnership as a defining moment for AI investment. Mansoor Al Mansoori, Vice Chairman of Presight, echoes this sentiment, viewing the fund as a strategic extension of Abu Dhabi's AI development leadership. The fund will focus on AI, machine learning, and advanced data analytics to transform industries and solve challenges. It will have access to distribution networks across the UAE and G42, as well as Presight's international customer network for supporting ventures.
Despite AI's widespread integration into workplaces, many organizations struggle to see measurable returns on their AI investments. The Presight-Shorooq Fund I aims to change this by supporting the next generation of AI breakthroughs. With a unique value proposition of funding, infrastructure, and distribution channels, as highlighted by CEO Thomas Pramotedham, the fund is well-positioned to drive AI innovation and success.