by k z | Jul 18, 2024 | Startups News
Omani tech firm 44.01 has made significant strides in combating climate change. The company recently secured $37 million in Series A funding. Equinor Ventures and Shorooq Partners led the round. Additionally, Amazon’s Climate Pledge Fund and Breakthrough Energy Ventures participated. These funds will be instrumental in scaling 44.01’s innovative CO2 mineralization technology.
Enhancing CO2 Mineralization Technology
44.01 will use the investment to refine its technology and develop larger-scale projects. Moreover, the company plans to expand its operations globally. Notably, 44.01’s technology has garnered significant recognition. It won the Earthshot Prize in 2022 and was a Top 20 finalist in the XPRIZE Carbon Removal competition.
Diverse Investor Support
The funding round attracted a diverse group of investors, including Air Liquide Venture Capital, Alumni Ventures, and Siemens Financial Services. This broad-based support underscores the strong confidence in 44.01’s technology.
Statements from Key Investors
44.01 founder Talal Hasan emphasized the potential of mineralization for climate protection. He expressed gratitude to investors for their support. Furthermore, Lars Klevier from Equinor Ventures highlighted the alignment of the investment with Equinor’s focus on climate solutions. Similarly, Mahmoud Adi from Shorooq Partners praised 44.01’s technology as a safe, permanent, and scalable solution.
CO2 Global Climate Solution
44.01’s technology leverages widely available rocks. This makes it a modular and cost-effective solution. Consequently, the company can deploy it globally to support industrial decarbonization efforts.
Oman’s Role in Climate Innovation
Innovation Development Oman supports 44.01’s work. The company’s technology contributes to Oman’s net zero goal and attracts international investment.
In conclusion, with strong investor backing, 44.01 is well-positioned to make a significant impact on climate change mitigation.
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by k z | Jul 17, 2024 | Startups News
Sentient Labs, a UAE-based startup focusing on Web3, has raised $85 million in a seed funding round. The investment was co-led by Pantera Capital and Framework Ventures, with contributions from Arrington Capital, Canonical, Dao5, and other investors.
Founding Vision
Founded in January 2024 by Sandeep Nailwal, Pramod Viswanath, and Himanshu Tyagi, Sentient Labs aims to democratize AI development. The company is creating a community-driven, open-source AI platform to ensure wide accessibility and prioritize transparency and fairness.
Leadership and Expertise: Sandeep Nailwal’s Impact on Sentient Labs
andeep Nailwal, one of the co-founders and a prominent figure in the blockchain space, brings his expertise and vision to Sentient Labs. His previous experience includes co-founding Polygon (formerly Matic Network), a widely adopted platform for Ethereum scaling and infrastructure development.
Funding Utilization
The funding will accelerate Sentient Labs’ open-source AI platform development and team expansion. The startup plans to form partnerships with academic institutions and industry players to drive innovation and collaboration in the AI ecosystem.
Community-Driven Approach
Sentient Labs incentivizes engineers for tasks like data labeling and refinement, fostering a community-driven approach to AI development. By leveraging Polygon’s software, the startup aims to build an open AGI platform, challenging tech giants and promoting inclusivity in the AI ecosystem.
Sentient Labs’ Vision for AI Accessibility
Sentient Labs’ recent funding milestone marks progress toward democratizing AI development. With a focus on transparency, fairness, and community engagement, the company aims to make significant contributions to the AI landscape, ensuring broad benefits.
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by k z | Jul 15, 2024 | Startups News
Launch Africa Ventures, a leading African venture capital firm, has committed $4.3 million to 16 startups across 11 countries as part of its second fund. This follows a successful first fund that invested in 133 startups.
Founders and Funds in Africa
- Founded in July 2020 by Zachariah George and Janade du Plessis, with Margaret O’Connor as chairperson
- Closed its first fund, Launch Africa Ventures Fund 1, at $36.3 million in March 2022, attracting 238 investors from 40 countries.
- Launched its second fund with a focus on investing in, growing, and scaling top technology-driven ventures.
Diverse Portfolio
The second fund has invested in startups across various sectors, including:
- Car service marketplace (Servisor)
- Logistics platforms (Shiprazor, Paps)
- FMCG insights platform (Lengo)
- Data management (Periculum)
- Inventory tracking (Logistify)
- Direct air capture (Octavia Carbon)
- Lending marketplace (Kredete)
- Prop-tech (Bosso)
- Beauty (Zuri)
- E-health (Meditect, Viebeg)
- E-bike (Wahu! )
Geographic Reach in Africa
The $4.3 million investment is spread across 11 countries, including:
- South Africa
- Senegal
- Kenya
- Nigeria
- Zambia
- DRC
- Ivory Coast
- Rwanda
- Ghana
- Egypt
Investor Friendly
Launch this venture is committed to being a top-performing, value-adding, and founder-friendly investor in the African VC and startup ecosystem.
Looking Forward
Launch Venture investment highlights the growing vibrancy of the African startup scene. With a focus on founder diversity, sector strength, market opportunities, and geographic reach, Launch Africa Ventures is well-positioned to support the continent’s most promising startups.
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by k z | Jul 11, 2024 | Startups News
In a landmark move to propel AI innovation and economic growth across the Middle East and North Africa (MENA) region, Progressio Solutions and Real AI B.V. announced a strategic joint venture. Moreover, the partnership, unveiled at the Invest EU Egypt Conference, aims to double AI revenues in MENA within three years.
Progressio & Real AI: Combining Expertise for MENA AI Leadership
Firstly, this collaboration brings together the strengths of two industry leaders:
- Real AI B.V., a Netherlands-based AI powerhouse, contributes advanced AI expertise and a strong European foothold.
- Progressio Solutions, a leading R&D and consulting firm in Cairo, offers extensive regional experience and robust R&D capabilities.
By merging their strengths, they aim to accelerate AI adoption and development in key MENA markets like Egypt, UAE, Saudi Arabia, and the GCC region.
Focus on Secure, Localized AI Solutions
Secondly, The partnership prioritizes developing secure and localized AI solutions tailored to the needs of MENA institutions and businesses. Real AI’s open-source, human-centric large language model (LLM) will be adapted to comply with MENA’s specific regulations and language requirements (Arabic language processing).
“Our vision is to position MENA as a global AI hub,” said Tarry Singh, CEO of Real AI B.V. “By combining our secure, ethical AI with Progressio’s local R&D prowess, we are not just serving the market – we are shaping the future of AI in MENA.”
A Cairo-Based AI Research Center
thirdly, a core aspect of the partnership involves establishing a state-of-the-art AI research center in Cairo. This center will focus on developing custom AI solutions for various sectors, including energy, education, healthcare, and government. Additionally, it will launch AI products specifically designed for the MENA market.
“Combining our R&D labs with Real AI’s platforms unlocks value for clients and partners,” emphasized Yoeil Ashraf, CEO of Progressio Solutions. “This partnership will expand Egypt’s AI R&D capacity, driven by local talent, and extend services beyond the Middle East into Europe.”
Driving Economic Growth and Ethical AI
Furthermore, This joint venture signifies a significant step towards introducing advanced and responsible AI technologies across MENA. It has the potential to drive innovation, enhance regional AI capabilities, and foster economic growth across various sectors. The focus will be on developing AI consulting services, nurturing local AI talent, and ensuring ethical AI use.
Shaping the Future of AI in MENA
in conclusion, this collaborative effort holds immense potential to transform the AI landscape in MENA, positioning the region as a global AI leader.
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by k z | Jul 10, 2024 | Investment Analysis
The startup ecosystem in the Middle East and North Africa (MENA) region is experiencing a remarkable transformation. June 2024 witnessed an investment influx of $116 million, propelling the total funding for the year to an impressive $882 million. Despite a noticeable dip from May’s figures, this June marked a significant year-on-year growth, showcasing the resilience and potential of MENA startups.
June 2024 Investment Highlights
- Total Investment: $116 million
- Number of Startups: 38
- Month-on-Month Drop: 59% (from $282 million in May)
- Year-on-Year Increase: 182% (compared to June 2023)
Regional Leaders of investment
UAE: Driving the Momentum
Firstly, UAE-based startups led the charge, securing 71% of the total June investments. This amounted to $82.5 million spread across 15 deals. The UAE continues to be a beacon of innovation and entrepreneurship, attracting substantial investor confidence.
Egypt: Steady Progress Amid Challenges
Secondly,Egyptian startups followed, raising $15 million across four companies. Despite the ongoing economic challenges, Egypt’s entrepreneurial spirit remains undeterred, contributing significantly to the region’s startup landscape.
Saudi Arabia: Emerging Strong
Thirdly, Saudi startups garnered $13.5 million across seven initiatives, reflecting the country’s growing focus on fostering a vibrant startup ecosystem. With supportive policies and a burgeoning tech scene, Saudi Arabia is poised for continued growth.
Year-to-Date Performance
- Total Funding (2024): $882 million
- UAE’s Share: Over half of the total funding
- Saudi Arabia’s Contribution: $300 million
- Egypt’s Funding: $83 million (an 80% year-on-year drop)
Analysis and Insights
The Impact of Economic Conditions
The investment landscape in MENA is not immune to global and regional economic fluctuations. Egypt’s significant year-on-year decline highlights the sensitivity of startup funding to broader economic health. Conversely, the UAE’s robust performance underscores the importance of stable and supportive business environments.
The Tech Boom
The tech sector continues to dominate MENA’s startup scene. The 38 tech startups that raised funds in June exemplify the region’s growing prowess in technology and innovation. This trend aligns with global shifts towards digital transformation and technological advancement.
Future Prospects
The MENA startup ecosystem holds immense potential. With ongoing governmental support, increasing investor interest, and a vibrant entrepreneurial culture, the region is well-positioned for sustained growth. However, addressing economic challenges and fostering a conducive environment for startups across all sectors will be crucial.
Conclusion
June 2024 was a pivotal month for MENA startups, marking a significant year-on-year investment increase despite a month-on-month dip. The UAE, Egypt, and Saudi Arabia continue to lead the regional startup scene, driving innovation and attracting substantial investments. As the year progresses, the MENA region’s startup ecosystem is set to achieve new heights, contributing to economic diversification and technological advancement.
Call to Action
Stay tuned for more updates on MENA’s dynamic startup ecosystem. Follow our blog for the latest insights and trends shaping the future of entrepreneurship in the Middle East and North Africa .
