OurCrowd, Israel’s most active venture capital company, will significantly expand its operations in Abu Dhabi with a new venture capital (VC) office and artificial intelligence (AI) technology center created by the Abu Dhabi Investment Office (ADIO), owned by Israel Valley. has already been discussed. Two new initiatives announced during Abu Dhabi Finance Week will see OurCrowd grow its Abu Dhabi Global Market (ADGM) team to 60 people over the next four years as part of the company’s $60 million investment in the emirate. .
John Medved, founder and CEO of OurCrowd, said: “After a global search for the most suitable location for IDI and OurCrowd’s new investment hub, Abu Dhabi proved to be the most suitable location. The World Economic Forum ranks the UAE in first place in the world for best e-infrastructure and macroeconomic stability, and third in government trust.
These factors, along with many other benefits including global talent and market access, highlight why Abu Dhabi is now home to OurCrowd Arabia and OurCrowd’s new artificial intelligence subsidiary, and why we will continue to invest in innovative infrastructure and talent in 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, artificial intelligence and machine learning (ML) models to reduce costs and improve outcomes for data-intensive tasks.
The company will be led by Dr. Hasanat Dewan, who has led innovation and technology transformation at the senior level for global financial institutions including E*TRADE Financial Corp, BNY Mellon, Russell Investments Group, Merrill Lynch, Deutsche Bank and Morgan Stanley.
Registered as ADGM in 2021 and led by Dr. Sabah Al Binali, OurCrowd Arabia will significantly expand its venture capital operations by working with stakeholders in Abu Dhabi, UAE and beyond to invest in and support the local CV ecosystem.
Dr. Dewan said: “IDI is the culmination of OurCrowd’s strategy to revolutionize its fintech platform with AI capabilities at all levels.
We intend to use these tools and architecture to provide AI solutions that can be widely used by external clients in industries such as financial services, fintech, energy, telecommunications, healthcare, and government. We recruit the best talent in the UAE and around the world and want to be the catalyst for the transformation of the AI ecosystem in Abu Dhabi. »
Businesswire and Israel Valley.