Mubadala-backed AI firm G42 floats $10 bn tech fund

 Mubadala-backed AI firm G42 floats $10 bn tech fund

Mubadala Investment Company-backed artificial intelligence and cloud computing firm G42 has launched a $10 billion tech growth fund to focus on investing in emerging markets.

The UAE-based G42 has formed the new vehicle, the G42 Expansion Fund, in partnership with Abu Dhabi Growth Fund (ADG).

The G42 Expansion Fund 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. It was set up by state-controlled ADQ last year to focus on generating high financial returns for the Abu Dhabi government.

ADG’s website bills it as a sovereign investment fund with a “unique risk profile” that it says complements “the existing Abu Dhabi sovereign wealth funds” that also include Mubadala.

ADG, says its website, invests primarily in private equity, venture capital, hedge funds and public equities.

The G42 Expansion Fund will invest 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,” said Peng Xiao, Group CEO at G42 and Chairman of the G42 Expansion Fund’s Investment Committee.

In August, G42 Healthcare had said it was partnering with Amazon Web Services (AWS) to develop new global genomics, proteomics, and biobanking services.

In 2021, Bayanat, a geospatial, data analytics, and AI company owned by G42 unveiled its new fleet of autonomous vehicles under the brand name, TXAI, representing the country’s first fully autonomous taxis.

Aman Malik

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