Polynome Group Announces $100 Million Fund for UAE AI Startup Ecosystem

Polynome Group, a prominent technology company based in the UAE, has announced a substantial fund dedicated to fostering the growth of AI startup companies. With a commitment of $100 million, the initiative aims to propel innovation in technology, AI software applications, and robotics, aligning with the shared objective of advancing AI and digital technologies.

The announcement was unveiled during the AI retreat, a pivotal event organized by the Dubai Center for AI Applications in collaboration with the National Program for Artificial Intelligence. Attended by key decision-makers, experts, and officials from both governmental and private sectors, this gathering catalyzes accelerating the adoption and utilization of AI applications.

Regulatory Approval and Fund Structure

Polynome Group has obtained in-principle approval from regulatory bodies such as the Dubai International Financial Centre (DIFC) and Dubai Financial Services Authority (DFSA) to launch its AI fund in 2025. The fund's unique "Founders for Founders" approach underscores the team's entrepreneurial background, enriched with successful experiences in creating and exiting AI startups.

Investment Strategy and Expertise

“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,” said Alexander Khanin, CEO and founder of the Polynome Group. The fund will invest $500,000 to $5 million in the initial investment of each company, with a focus on seed, Series A, and growth-stage startups.

Envisaging investments in up to 40 companies over 5 years, Polynome VC operates as a smart money fund, backed by the UAE government. Leveraging a team of over 100 AI/ML experts and tech professionals globally, the fund provides not only capital but also profound technical expertise, facilitating comprehensive due diligence and fostering strategic partnerships. Beyond financial support, Polynome VC extends investment advisory services encompassing fundraising strategy, M&A advisory, and strategic guidance for portfolio companies.

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

Polynome Group's Leadership in AI Innovation

Positioned within the burgeoning venture ecosystem of the UAE and bolstered by favourable business policies, Polynome VC stands poised to catalyze the forthcoming wave of innovation in Dubai. Renowned for orchestrating the largest professional AI summit in the Middle East, "Machines Can See," and for its pioneering work in developing fundamental AI models and applications, Polynome Group reaffirms its commitment to driving technological advancement and fostering entrepreneurship in the region.