Polynome Group, a leading event management company in the UAE, has announced a new $100 million fund to invest in AI startups.
Starting in early 2025, this fund will focus on technology, AI software, and robotics. It plans to invest between $500,000 and $5 million in early-stage and growing companies.
The fund follows a ‘founders for founders’ model, meaning it will support startups led by experienced entrepreneurs.
The announcement was made at the AI Retreat, a major event organized by the Dubai Centre for AI Applications and the National Programme for Artificial Intelligence. This event, which drew 1,000 leaders from various sectors, aims to speed up the use of AI technology.
Polynome Group has received initial approval from the Dubai International Financial Centre (DIFC) and the Dubai Financial Services Authority (DFSA) for its fund. This approval was granted after a review of the fund’s plan and strategy.
The fund’s “Founders for Founders” approach is key, with Polynome’s team of successful entrepreneurs leading the charge. Alexander Khanin, CEO and founder of Polynome Group, said, “We aim to boost the UAE’s tech sector, create a tech hub, attract global talent, and make the UAE a leader in AI innovation.“
The fund plans to invest in up to 40 companies over the next five years. Polynome Group will provide not just financial backing but also expert advice, thanks to its team of over 100 tech professionals. This includes AI experts, data scientists, and other specialists who will help evaluate investments and explore M&A opportunities.
Khanin added, “We want to build strong connections with scientists and entrepreneurs and invest in AI products that will become part of everyday life.”
In addition to the fund, Polynome Group will offer advisory services on fundraising, M&A, and strategic planning for its portfolio companies.
With a supportive business environment in the UAE, Polynome Group is set to drive major innovation from Dubai. The company is also known for hosting the Middle East’s largest AI summit, Machines Can See, and for developing key AI models and products.
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