OurCrowd expands its investment operations in Abu Dhabi and launches a global AI hub, in partnership with ADIO. – IsraelValley

OurCrowd, Israel’s most active venture capital firm, will significantly expand its operations in Abu Dhabi with a new venture capital (VC) office and artificial intelligence (AI) technology center set up by the Abu Dhabi Investment Office (ADIO), which Israel Valley has already discussed. The two new initiatives, which were announced during Abu Dhabi Finance Week, will see OurCrowd grow its Abu Dhabi Global Market (ADGM)-based team to 60 people over the next four years, in the part of the company’s $60 million investment in the emirate.

Jon Medved, Founder and CEO of OurCrowd, said: “After a global search for the most suitable location for the IDI and OurCrowd’s new investment hub, Abu Dhabi was by far the most suitable destination. . The World Economic Forum ranks the UAE first in the world for the best electronic infrastructure and macroeconomic stability, and third for trust in government.

These factors, along with many other benefits including global talent and market access, underscore why Abu Dhabi is now home to OurCrowd Arabia and OurCrowd’s new AI spin-off, and why we will continue to invest. in innovation infrastructure and talent in the country. »

IDI is a commercial AI company that develops AI solutions for enterprises, including project-based offerings and AI-as-a-service offerings. It will act as a technical center of excellence using advanced data automation, AI and machine learning (ML) models to reduce costs and improve results for data-intensive tasks.

The company will be led by Dr. Hasanat Dewan, who has led innovation and technology transformation at an executive level for global financial institutions including E*TRADE Financial Corp, BNY Mellon, Russell Investments Group, Merrill Lynch, Deutsche Bank and Morgan Stanley.

OurCrowd Arabia, incorporated as ADGM in 2021 and led by Dr. Sabah al-Binali, will significantly increase its VC operations by working with stakeholders in Abu Dhabi, UAE and beyond to invest in and support the local ecosystem of CV.

Dr. Dewan said: “IDI is the culmination of OurCrowd’s strategy to revolutionize its FinTech platform with AI capabilities at every level.

We intend to leverage these tools and architecture to deliver AI solutions that can be widely used by external clients in industries such as Financial Services, FinTech, Energy, Telecom, health and government. We recruit the best talents in the UAE and around the world, and we want to be a transformational catalyst for the AI ​​ecosystem in Abu Dhabi. »

Source: Businesswire & Valley of Israel

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