Polynome Launches $100 Million AI Startup Fund
The announcement was made at the AI Retreat organized by the Dubai Centre for AI Applications.
Polynome Group, a UAE-based technology company, has launched a $100 million fund to invest in AI startups starting in the first quarter (Q1) of 2025. The announcement was made at the AI Retreat organized by the Dubai Centre for AI Applications in partnership with the National Programme for Artificial Intelligence.[1]
Read More: Dubai Gears Up to Host AI Retreat
Polynome Group has received in-principle approval from the Dubai International Financial Centre (DIFC) and Dubai Financial Services Authority (DFSA) to launch its AI fund in 2025.
The fund will adopt a "Founders for Founders" approach. Over five years, the fund aims to invest in up to 40 startups, providing financial support and deep tech expertise. Its team comprises over 100 AI/ML experts, data scientists, natural language processing specialists, computer vision engineers, and mentors from leading global tech companies.
Polynome VC will offer smart funding and conduct thorough technical due diligence on products and teams for investment decisions and M&A opportunities. Additionally, the fund will provide investment advisory services, including fundraising strategy, M&A advisory, investment research, and strategic advisory for portfolio companies.
The fund's initial investments will range from $500,000 to $5 million per company, focusing on seed, series A, and growth-stage startups.
His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Chairman of The Executive Council of Dubai, and Chairman of the Board of Trustees of the Dubai Future Foundation, declared that the AI Retreat will become an annual event in Dubai. The next retreat is scheduled for April 29, 2025.
The AI Retreat 2024, under the Dubai Universal Blueprint for Artificial Intelligence (DUB.AI), concluded in Dubai on June 11th. The event attracted 2,500 decision-makers, AI experts, and industry leaders, including approximately 50 CEOs from major tech companies such as Microsoft, IBM, Google, Amazon, Oracle, SAP, Nvidia, and Samsung.
Launched on April 29th this year, the DUB.AI aims to enhance Dubai’s well-being by adopting AI across all sectors.