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Bahrain’s Arcapita is investing in a high-growth portfolio of artificial intelligence (AI) companies in partnership with New York-based Parkway Venture Capital, as the market for transformative technology continues to expand.
The portfolio, which focuses on robotics, quantum computing and generative AI, among others, includes Microsoft-backed Figure AI and Alphabet spinoff SandboxAQ.
Figure AI, which develops AI-powered humanoid robots, has partnerships with major companies like Amazon and BMW, while quantum-focused AI firm SandboxAQ is backed by former Google CEO Eric Schmidt, Salesforce’s Marc Benioff and Allianz.
With AI adoption within the private and public sectors growing, the global AI market is projected to record a compound annual growth rate of 28% between 2024 and 2030, according to Statistica.
Arcapita said the investment will provide investors some exposure to early-stage businesses leveraging AI technologies.
“Arcapita’s vision is to support businesses that are defining the future,” said Neil Carter, Managing Director of US Private Equity at Arcapita.
(Writing by Cleofe Maceda; editing by Seban Scaria) seban.scaria@lseg.com