Polynome eyes $100m fund to drive UAE’s AI startup ecosystem

• To invest in the fields of technology, AI software applications, and robotics.
•  The fund will invest in seed, Series A, and growth stage startups with an initial investment ranging from $500,000 to $5m per company.

UAE-based Polynome Group has announced a $100 million fund for AI startup companies starting from the first quarter of 2025.

The aim is to invest in startups in the fields of technology, AI software applications, and robotics, in line with mutual goals to expand the adoption of AI and digital technologies beginning in the first quarter of 2025.

The announcement was made during the AI Retreat 2024, organised by the Dubai Centre for AI Applications in collaboration with the National Program for Artificial Intelligence.

Polynome has secured in-principle approval from the Dubai International Financial Centre (DIFC) and Dubai Financial Services Authority (DFSA) to launch its AI fund in 2025, following the regulators’ review and conditional endorsement of the proposed fund structure and investment strategy.

To invest in 40 startups

The fund has a unique “Founders for Founders” concept, as the Polynome team themselves are entrepreneurs with successful experience creating and exiting AI startups.

“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 in seed, Series A, and growth stage startups with an initial investment ranging from $500,000 to $5 million per company.

The fund expects to invest in up to 40 companies over a 5-year period. As a smart money fund supported by the UAE government, Polynome VC will provide smart funding and deep tech expertise.

The team has over 100 AI/ML experts, data scientists, natural language processing specialists, computer vision engineers, and mentors from leading tech companies globally. They can conduct thorough technical due diligence on products and teams for investment decisions and M&A opportunities.

“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 said.