UAE-based AI and cloud computing company G42 has launched a $10 billion technology growth fund to focus on technology investments in emerging markets. G42 is backed by Mubadala Investment Co. and technology investor Silver Lake.
The G42 Expansion Fund, formed in partnership with Abu Dhabi Growth Fund (ADG), will invest in late-stage growth companies with disruptive technologies and strong business fundamentals, according to a statement.
The ADG is a sovereign investment fund that was set up by state-controlled ADQ last year to focus on generating high financial returns for the Abu Dhabi government. "A new sovereign investor, ADG has a unique risk profile that complements the existing Abu Dhabi sovereign wealth funds. ADG invests primarily in private equity, venture capital, hedge funds and public equities," according to its website.
The G42 Expansion Fund’s investment priorities will span across technologies such as computing and communications technologies, intelligent mobility, clean tech and renewables, digital infrastructures, new materials, multiverses, fintech, healthcare, and life sciences.
"With the G42 Expansion Fund, we aim to accelerate our global impact not only through the deployment of capital, but also by providing unique access to our networks, management, and operational assets to our portfolio companies," Peng Xiao, Group CEO at G42 and Chairman of the G42 Expansion Fund’s Investment Committee, said.
In early August, G42 Healthcare announced a partnership with Amazon Web Services (AWS) to develop new global genomics, proteomics, and biobanking service. Last year G42’s Bayanat, a Geospatial, Data Analytics, and AI company unveiled its new fleet of autonomous vehicles under the brand name, TXAI, representing the country's first fully autonomous taxis.
(Reporting by Seban Scaria; editing by Daniel Luiz)