UAE’s G42 to lead $500mn funding round of Astra Tech

By Arya M Nair, Official Reporter
  • Follow author on
G42 leads Astra Tech funding round
Representational image

Astra Tech (Astra), a UAE-born consumer technology development and investment company, has revealed that G42, the UAE’s leading AI and cloud computing technology holding group, will be taking the role of Lead Investor in its latest funding round of $500 million.

Backed by prominent global and regional investors, the round is meant to equip Astra Tech with the resources to expand its portfolio of smart solutions across eCommerce, communications, fintech, news, and more.

Peng Xiao_G42 leads Astra Tech funding round
Peng Xiao
Group CEO – G42

“At G42, we are continuously seeking to combine exceptional human talent with the necessary technical and financial resources to enable the development of the most advanced AI-powered- solutions for both the public and private sectors. We are pleased to be supporting Astra Tech with its latest round of funding, one that will establish it as the go-to regional platform for consumer technology and services.”

Mr. Abdallah Abu Sheikh, founder & CEO of Astra Tech, said that “As we celebrate this new milestone, we are grateful for the confidence and trust our partners and investors have placed in us. Our disruptive next-generation ultra-platform will bring together selected consumer technologies, products, and services and is specifically designed to address the platform fatigue many users are experiencing today. At Astra Tech, we continuously seek to align with the national drive for digital transformation by delivering an innovative and revolutionary ecosystem, something beyond what the super platforms of today have to offer.”

Astra Tech’s ecosystem is equipped to deliver on its ambitions to continue on its pioneering path in the consumer services and technology space. The company has recruited global talent that aligns with its vision, studied consumers’ inherent wants and needs, and is integrating advanced new tools and technologies that will further elevate its sector-leading capabilities.

Related: G42 & SAP collaborate to jointly leverage mutual cloud computing solutions