News

Abu Dhabi AI Company Aims To Create Global Tech Hub

Backed by the Advanced Technology Research Council, AI71 seeks to democratize access to AI using the UAE’s Falcon large language model.

Published

8 months ago

November 29, 2023

Nour Nasir

abu dhabi ai company aims to create global tech hub

Emirates News Agency

Abu Dhabi’s Advanced Technology Research Council has launched a new artificial intelligence company known as AI71 in a bid to become a global hub for the emerging technology.

The new entity will democratize access to AI and is built using the Falcon large language model developed by the research council’s Technology Innovation Institute.

abu dhabi ai71 launch event

AI71 will soon be taken to market by commercialization arm VentureOne and was formally launched by Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi.

abu dhabi ai71 launch event promo

The company is designed to cater to medical, legal, education, and government fields, with “many others” to come, according to Faisal Al Bannai, secretary general of the council:

“By creating AI71, [the company] becomes a major part of driving AI use across multiple sectors. So, it increases our efficiency and ability to be much more productive and competitive globally. We will not be shy in our objectives. We will not be humble in our goals. We are determined to be a key player in shaping where AI is going globally. AI71 will play a pivotal role in this journey”.

Also Read: How (And Why) To Start A Tech Business In Dubai

AI71 has already signed an agreement with the Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, Omar Al Olama, and local start-up ecosystem Hub71. Meanwhile, the company will join forces with major global corporations, including Amazon Web Services, PwC, World Wide Technology, and CNTXT.

Generative AI holds enormous economic potential. As investments in the sector continue to grow, Gulf countries are expected to generate $23.5 billion by 2030. The UAE has already made great strides in AI after recently unveiling the world’s largest Arabic natural language model.

Related Topics:Abu Dhabi Artificial Intelligence United Arab Emirates

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Mamo Completes $3.4M Funding Round To Enhance Fintech Services

The startup will use the influx of cash to expand into Saudi Arabia and across the wider GCC while improving its product offering.

Published

1 day ago

July 25, 2024

Nour Nasir

Mamo

UAE-based fintech Mamo has announced the completion of a $3.4 million funding round that will help the startup extend its market presence and improve its product offering. Investors included 4DX Ventures, the Dubai Future District Fund and Cyfr Capital.

Mamo’s platform offers “payment collection, corporate cards and expense management” to help small and medium-sized businesses consolidate and streamline their operations. With the latest influx of capital, Mamo will further develop its comprehensive suite of services and begin testing its product lines in Saudi Arabia, further extending its footprint across the GCC.

Imad Gharazeddine, co-founder and CEO of Mamo, stated: “We’ve been in the market for a while now and are incredibly proud of what our team has achieved. The holistic and expansive nature of our product offering has helped us continue to grow sustainably. This additional funding will allow us to reach our medium-term goals even faster. The support from new and existing investors is a testament to our strong expertise and the ability to deliver on our customer promise”.

Daniel Marlo, General Partner of lead investor 4DX Ventures, added: “We have immense trust in Imad’s vision, leadership and Mamo’s innovative approach to provide a user-friendly and comprehensive financial solution for SMEs that makes financial management more accessible and efficient. We are proud to partner with them and support their mission”.

Also Read: A Guide To Digital Payment Methods In The Middle East

Amer Fatayer, Managing Director of Dubai Future District Fund’s investment team, also commented: “Mamo’s localized product lines serve as an infrastructure for SME payments and spend management in UAE, a segment that is underserved by the country’s current banking infrastructure. The team has taken a product-first approach to consolidating SMEs’ financial journeys and building a fintech solution deeply embedded in a business’s core operations”.

To date, Mamo has raised around $13 million in investment funding and now boasts a team of 30 people. The company’s intuitive financial services platform has allowed over 1,000 businesses to consolidate their financial operations and significantly reduce payment fees.