UAE's Cloud Computing Technology Company G42 Launches $10 Billion Fund
Managed by a subsidiary of G42, the fund is dedicated to accelerating the pace of global innovation by investing in late-stage growth companies with disruptive technologies and strong businesses.
G42, UAE’s AI and cloud computing technology company, announced the launch of a $10 billion G42 Expansion Fund, a technology growth fund formed in partnership with Abu Dhabi Growth Fund (ADG). Managed by a subsidiary of G42, the fund is dedicated to accelerating the pace of global innovation by investing in late-stage growth companies with disruptive technologies and strong businesses.
Founded in 2018, G42 is an AI solutions and cloud computing company that contributes to the development of AI in government, healthcare, and the finance, oil and gas, aviation, and hospitality sectors. Meanwhile, ADG is a sovereign investment fund established by ADQ, an Abu Dhabi-based investment company, in 2021 to pursue a diversified investment strategy for the emirate.
The G42 Expansion Fund will operate as a private equity investor, with investments mainly designated to high growth regions.
“With the foundation built by our operating businesses and support from our strategic partner ADG, the next era of G42 will be marked by our ability to turbocharge new ventures around the world,” Peng Xiao, Group CEO at G42 and Chairman of the G42 Expansion Fund’s Investment Committee, tells StartupScene. “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.”
The fund will prioritize technologies that will shape the global economic landscape of the future, such as computing and communications technologies, intelligent mobility, cleantech and renewables, digital infrastructure, new materials, multiverses, fintech, healthcare, and life sciences.
Some recent investments and partnerships include G42 Healthcare’s partnership with Oxford Nanopore Technologies, a UK-based DNA-sequencing specialist, G42’s investment in Beyond Limits, a US-based enterprise and AI software solutions company, and G42’s partnership with Cerebras Systems, a US-based AI company.