UAE – Mubasher: UAE-based tech firm Polynome Group unveiled plans to raise a $100 million fund for AI startups, aiming to boost the country's AI ecosystem.

The fund will invest in seed to growth-stage companies working on technologies, software, and robotics applications beginning in the first quarter (Q1) of 2025, according to a press release. 

Polynome has secured in-principle approval from the Dubai International Financial Centre (DIFC) and Dubai Financial Services Authority (DFSA) to launch the venture fund, dubbed Polynome VC, following a review of its proposed structure and investment strategy.

Polynome VC will provide smart capital and expertise from over 100 AI specialists to portfolio companies. It expects to invest in up to 40 companies over five years.

The fund will also offer advisory services as the emirate's startup ecosystem grows, aided by business policies and talent relocating amid current global challenges.

Polynome VC is set to invest in seed, Series A, and growth stage startups, with initial investments between $500,000 and $5 million per company.

Alexander Khanin, CEO and founder of the Polynome Group, said: "Our mission is to increase the technology contribution to the UAE's GDP, build a national tech hub and community, attract top international talent, and make the UAE a leader in AI research and innovation.”

"We aim to create and strengthen links with the scientific community, prominent entrepreneurs, and invest in AI products that will become integral to people's everyday lives," Khanin added.

The launch of Polynome VC was announced at the AI retreat organised by the Dubai Center for AI Applications and the National Program for Artificial Intelligence.

The event, attended by 1,000 decision-makers, experts, and officials, aims to accelerate AI adoption and use.