In this week ending July 13-20, 2024, the occurrence of quite a number of funding activities took place in Dubai. These funding initiatives further give meaning to Dubai’s very dynamic economic environment and its commitment to stimulating growth across all sectors.
PC: Arabian Business
Funding Boost of Dubai Future Foundation
The Dubai Future Foundation announced that it would raise its funding to AED 100 million (~USD 27 million) over the next five years in support of Prototypes for Humanity. This will be in step with driving innovation within academia, further fanning the capabilities of the Foundation in supporting other projects, and opening opportunities for training, networking, and venture development which would be enormously contributory towards growing innovative solutions and technologies.
Sentient Labs Secures $85 million Seed Round
AI blockchain-based startup Sentient Labs raised $85 million in a seed round; the UAE-based company with it’s headquarters in Dubai, was co-led by Peter Thiel’s Founders Fund, Pantera Capital, and Framework Ventures.
Other strategic investors include Arrington Capital, Canonical, Dao5, Delphi, Dispersion, Ethereal, Folius, Foresight, Hack VC, Hashkey, Hypersphere, IDG, Mirana, Nomad, Primitive Ventures, Protagonist, Republic, Robot Ventures, Sky9, Spartan, Symbolic Capital, Topology, and many more.
This capital injection is intended to be used for the acceleration of the development of an open source AI platform at Sentient Labs. It also contemplates team expansion with the best talents in the fields of AI research and blockchain engineering. It also hopes to set up partnerships with leading academic institutions and industry players.
Tokinvest Raises $500,000 pre-Seed to Accelerate Market Penetration
The UAE-based tokenization platform Tokinvest raised pre-Seed funding of US$500,000 from a wide variety of investors, including Michael Ourabah of BSO. Founded in 2024 by Scott Thiel and Matthew Blom, Tokinvest generates virtual tokens representing rights to assets to be offered through its marketplace linking real-world asset issuers with investors globally.
The funds will be used in enhancing the technological infrastructure of Tokinvest’s platform, expansion of the team, and accelerate market penetration. This pre-seed funding round has had interest from strategic investors who recognize the potential for Tokinvest’s scalable, regulated platform. Funds from this pre-seed funding round will go towards increasing its technological infrastructure, growth of the team, and market penetration.
Building on the momentum of the success from initial fundraising, Tokinvest has opened its next funding round. This impending round is expected to attract further investment in scaling operations, expanding its reach globally, and further innovating within the real-world asset tokenisation market.
Swyt Raises Undisclosed Seed Funding
Swyt, a Dubai, UAE-based company that offers a single-pane platform designed to simplify and secure IT operations for any business, announced that it had closed the monumental fundraising round.
This seed funding will further accelerate Swyt’s mission to accelerate the research and development efforts on its platform while growing its presence across the Gulf region. The business angle funding specialised in new-tech investments had a particular interest in bringing innovative solutions to the region. While the Swyt model is perhaps unprecedented in the Gulf, in the US, it is fast-developing, as it is in Europe.
Founded in 2022, Edouard Bouvet created Swyt as a one-stop platform for simplifying and securing IT operations for business entities. Swyt benefits from incubation by Dubai Holding’s In5 Tech, which provides a supportive environment for its growth and innovation.
FinTech Sector Advancements
Dubai’s fintech industry is in bloom, and visibility has been taken to great strides in terms of development and funding. The DIFC has put itself at the forefront, with a variety of initiatives in place to support the segment of fintech startups in different ways: through venture studios and Open Finance Lab for the nurturing of innovation, attracting foreign startups, and incubating local talent. Funding has dramatically surged too, underlining the increased stature that this area seems to enjoy in the global financial technology space.
Dubai AI & Web3 Festival Announces the Launch of FutureTech World Cup to Boost Global Start-ups
Trescon partnered with the Dubai AI & Web3 Festival for a FutureTech World Cup in its endeavour to assist new technology start-ups across the globe. On July 10, 2024, it witnessed its first qualifier held at the Dubai AI Campus, where ten start-ups made pitches before the prestigious five-member jury. Of the three finalists, they included Momint, Nettle, and Orbii AI. The grand finale was slated for September 2024. This event will give a platform to start-ups in terms of better exposure, capital, and networking with industry leaders, hence a new impetus toward progress for AI, Web3, and Global Digital Economies.
Parkin IPO Announcement
On July 19, 2024, Dubai-based firm Parkin announced its intention to sell a 24.99% stake in an initial public offering. This would help the firm increase its market presence and find new investors. The announcement has been in the limelight and is prone to occupy a considerable place in the company’s expansion and progress in the future.
Events and Business Activities
Other numerous business activities were held in Dubai, making it an ideal place for networking and the display of the latest products and solutions. They include, among many others, the Middle East Energy exhibition, Machines Can See conference, Arabian Travel Market, Crypto Expo Dubai, and INDEX Dubai. Such events make it pretty clear that Dubai has one of the most happening business environments in the world. Therefore, they offer opportunities for funding and partnerships.
Funding activities that took place in Dubai from 13 to 20 July 2024 update the emirate’s efforts in its efforts to continue supporting innovation and economic growth. From substantial financial commitments to support academic innovation to strategic IPO announcements and FinTech advancement, such initiatives reflect Dubai’s vow to maintain its position as a global business and innovation hub.
