Abu Dhabi-based leading artificial intelligence (AI) and cloud computing company, Group 42 (G42) has obtained a substantial investment from Silver Lake, the global leader in technology investing.
Following the investment the Co-CEO and Managing Partner of Silver Lake, Egon Durban will join the G42 board of directors, which is led by its Chairman, H.H. Sheikh Tahnoun bin Zayed Al Nahyan, the company said.
According to the statement of G42, the proceeds from the investment will be used to support the company to expand its operations in the UAE and international markets. But the firm refused to disclose the size of the share or the amount invested.
“We are honored to partner with a world-class investor like Silver Lake and proud to be among their cutting-edge portfolio of technology leaders. We aim to work with the best technologies and the best partners to deliver value to every market in the world. Our business verticals ranging from energy to healthcare, to finance, now is the right time to partner with Silver Lake to further expand our possibilities.”
G42 is carrying out high-level fundamental and applied research into AI as well as developing cloud computing for the most demanding use cases. Over the past year, the company has partnered with the Abu Dhabi Department of Health on COVID-19 pandemic management to ensure scalable diagnostics and a successful vaccine rollout.
Last month, the G42 partnered with British outsourcing firm Serco to promote the adoption of technology by government clients in the Middle East and drive a shift towards data-driven operations.
“G42 has not only experienced tremendous growth in recent years but has done so by partnering with large-scale clients to address the most complex technology challenges. We are excited to have this opportunity to work with them,” Mr. Durban said.
The US-based Silver Lake is a technology specialized investor, with more than $79 billion of committed capital and assets under management. It has invested in some of the world’s best-known companies including Airbnb, Ant Financial, Expedia Group and Twitter. Its portfolio of companies collectively generates more than $191 billion of revenue a year.
Last year, Abu Dhabi’s sovereign fund Mubadala Investment Company invested $2 billion into Silver Lake following the two companies’ long-term investment strategy spanning 25 years.