Israel VC fund OurCrowd partners with ADIO to launch AI business in UAE
OurCrowd, an Israel-based venture capital fund, is partnering with Abu Dhabi Investment Office to launch an AI business. It will be investing $60 million in the AI entity in the UAE.
Israeli VC fund OurCrowd and the Abu Dhabi Investment Office (ADIO) are partnering to establish an AI business called 'Data Intelligence' in the UAE. The two entities would be pumping close to $60 million for the expansion. The announcement was made at the ongoing Abu Dhabi Finance Week.
The partnership will further the commercial ties the two regions have been establishing for over two years. The fund stated it would partner with the Abu Dhabi Investment Office (ADIO), to expand its operations in the region.
ADIO will not have a stake in the AI company but will be offering financial incentives, including rebates, to support OurCrowd's expansion in the region.
The newly-established business would serve as a technical hub for customers that seek AI as a service. The team is looking to grow from four to over 60 employees in the next four years.
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At the Abu Dhabi Finance Week, Abdullla Abdul Aziz AlShamsi, the acting director general of the ADIO, added that they had opened a branch in Tel Aviv last year. He said Israel would be a key focus for Abu Dhabi.
Many believe opening offices in the UAE makes it easier to tap into the global tech talent.
Jon Medved, Founder and CEO, OurCrowd, stated at the event that several Israeli companies are looking to grow their presence in the region.
ADIO is a government entity responsible for facilitating investment in UAE and helps companies establish their presence in the region.
Edited by Affirunisa Kankudti
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