Polynome Group, a leading technology firm based in the UAE, has announced the launch of a 0 million fund dedicated to supporting AI startup ventures, set to kick off in early 2025.
The fund, as outlined in a statement released by the company, seeks to provide backing to startups specializing in technology, AI software applications, and robotics. This move is in line with their goal of promoting the widespread adoption of AI and digital technologies.
The announcement took place at an AI retreat hosted by the Dubai Center for AI Applications in collaboration with the National Program for Artificial Intelligence. This gathering, known as the largest of its kind, brought together 1,000 decision-makers, experts, and officials from governmental and private sectors to expedite the integration and use of AI applications.
Polynome Group has secured preliminary approval from the Dubai International Financial Centre (DIFC) and Dubai Financial Services Authority (DFSA) to launch the AI fund in 2025, subject to regulatory review and conditional approval of its fund structure and investment strategy.
Emphasizing their distinct approach, Polynome Group highlighted a “Founders for Founders” concept, showcasing their team’s entrepreneurial background with successful exits from AI startups.
“Our goal is to increase the technology contribution to the UAE’s GDP, establish a national tech hub and community, attract top international talent, and position the UAE as a leader in AI research and innovation,” said Alexander Khanin, CEO and founder of Polynome Group.
The fund aims to invest in up to 40 companies over five years, concentrating on seed, Series A, and growth stages with initial investments ranging from 0,000 to million per company. Supported by the UAE government as a smart money fund, Polynome VC pledges strategic funding and extensive expertise in deep tech, boasting a team of over 100 AI/ML specialists, data scientists, and tech mentors from leading global firms.
Their capabilities encompass thorough technical due diligence on potential investments and opportunities for mergers and acquisitions, ensuring comprehensive support for startups in their portfolio.
