Group 42 (G42), the leading UAE-based AI and cloud computing technology company has announced the launch of the $10 billion G42 Expansion Fund, a global technology growth fund formed in strategic partnership with Abu Dhabi Growth Fund (ADG).
The company is immersed on accelerating the pace of global modernization by investing in late-stage development firms with disruptive technologies and strong industry fundamentals. Group 42 is backed by Mubadala Investment Co. and technology investor Silver Lake.
With a significant share of investment allocated for high growth regions, the G42 Expansion Fund would operate as a private equity investor. Furthermore, to offering investment support, the company would leverage its operational assets and network of operating firms to accelerate value creation across the G42 Expansion Fund’s portfolio of investments.
The G42 Expansion Fund’s investment priorities would extend across technologies that assure to shape the global economic landscape in the next decades, such as computing and communications technologies, clean tech and renewables, intelligent mobility, multiverses, new materials, fintech, healthcare, and life sciences.
With G42 Expansion Fund, the team would aim to accelerate their global impact not only through deployment of capital, but also by providing unique access to their networks, management, and operational assets to our portfolio companies, Peng Xiao, Group CEO at G42 and Chairman of the G42 Expansion Fund’s Investment Committee, stated. Xiao further added that the company is eager to engage with trailblazing entrepreneurs who share their core values and growth ambitions, and we are excited to be partnering with ADG to further cement Abu Dhabi as a global hub for innovation and progress.
In early August, Group 42 Healthcare announced a partnership with Amazon Web Services (AWS) to advance new global genomics, proteomics, and biobanking service. In 2021 G42’s Bayanat, a Geospatial, Data Analytics, and AI company launched its new fleet of autonomous vehicles under the brand name, TXAI, indicating the country’s first fully autonomous taxis.
Group 42’s recent partnerships and investments in key industries comprises:
- Group 42 Healthcare’s partnered with Oxford Nanopore Technologies, a UK-based DNA-sequencing specialist
- Group 42’s investment in Beyond Limits, a US-based industrial and enterprise-grade artificial intelligence company
- Group 42’s partnership with Cerebras Systems, a US-based team of pioneering computer architects, profound learning researchers, and engineers who are building a new class of computer system exclusively designed for AI
- FLYR Labs, a US-based company focused on delivering AI-powered revenue management applications for transportation leaders.
Group 42 (G42) is a global leader in creating visionary artificial intelligence for a better tomorrow. It was established in Abu Dhabi and with a global footprint, the company champions AI as a powerful tool. The company advances and positions high-impact industry solutions in sectors like the healthcare, finance, government, sports, energy, and smart cities.
Additionally, to conducting research and providing industry solutions that address near term prospects, Group 42 is also operational towards a future where AI would be able to manage generalized responsibilities, much like humans do, in what will be the age of Artificial General Intelligence.
Group 42 has an active and widespread partnership network, connecting leading international organizations who complement its network and strengthens its vision. G42 partnerships vary from strategic teaming agreement, joint ventures, to direct investments by the Group.