Qatar’s sovereign wealth fund, the Qatar Investment Authority (QIA), has invested in US-headquartered AI-powered data firm Instabase in a fundraising that secured $100 million.

The fund led the latest investment round that brought the software company’s valuation to $1.24 billion, with participation from existing investors Greylock Partners, NEA, Andreessen Horowitz and Index Ventures.

QIA’s new investment highlights the fund’s interest in innovative ventures, particularly across the AI stack. Instabase helps companies manage and process unstructured data, including emails, multimedia files and PDFs, which represent around 80% of an organisation’s content.

“We are focusing more and more on solutions for distributed enterprises that can usher a new era in business operations,” said Mohammed Al-Hardan, Head of TMT at QIA.

Instabase plans to use the fresh capital to boost the capabilities of its platform, AI Hub.

QIA manages around $500 billion in assets. It recently revealed plans to invest aggressively, with focus on technology, healthcare, artificial intelligence, infrastructure and real estate.

(Writing by Cleofe Maceda; editing by Seban Scaria) Seban.scaria@lseg.com