Dash Venture Labs: Our Weekly Picks (Issue No.77)

1. Entrepreneurship/Startups

New Abu Dhabi centres to support metaverse and start-up development

The Mohamed bin Zayed University of Artificial Intelligence has unveiled a two new institutions designed to advance metaverse research and spur entrepreneurship in the start-up ranks.

The MBZUAI Metaverse Centre (MMC) and MBZUAI Incubation and Entrepreneurship Centre (MIEC) are aimed at promoting the potential of emerging technologies and support up-and-coming companies as they develop solutions for real-world challenges, the Abu Dhabi-based university said on Tuesday at the Gitex Global technology conference in Dubai.

The MMC is being positioned to create solutions to enhance user experience, and make the creation of digital environments more accessible and sustainable. Researchers will showcase advances in AI-generated 3D avatar content. The MIEC aims to support start-ups in innovating and adopting AI in industries. It will offer entrepreneurship courses, local market familiarisation and funding opportunities.

Sheraa fosters synergy between family businesses and entrepreneurship

Sharjah Entrepreneurship Center (Sheraa) brought together an expert panel during their participation at the 6th International Family Business Forum 2023 and presented unique insights into how family businesses can mitigate risks and maximise profits as they identify startups to invest in.

Some of the key insights included the UAE’s commitment to supporting family businesses, the importance of nurturing innovation in the younger generation, and the need to dispel the misconception of family businesses being slow to innovate.

An enabler of entrepreneurship and innovation in the UAE and beyond, Sheraa designed the panel session titled ‘De-Risking Investments in Startups for Family Offices’ to bring the two vital sectors of family businesses and entrepreneurship together to explore exciting new prospects for both.

NEOM launches investment arm NIF, announcing large investments in clean industries

Saudi Arabia’s NEOM has launched its investment arm, the NEOM Investment Fund (NIF), aiming to support the buildout and development of NEOM’s 14 priority sectors.

As part of its inauguration, NIF has announced new investments in companies including Regent, Pony.AI, Boom Technology, BlueNalu, and Animoca Brands.

The NIF has invested $100 million in the US-based autonomous driving solutions provider Pony.ai, while launching a joint venture to develop, manufacture, and deliver autonomous driving services, advanced vehicles, and smart vehicle infrastructure in NEOM and key markets in Mena.?

NIF has also participated in the Series A round of the US seaglider manufacturer REGENT as part of a multi-year partnership to shape the future of water mobility in the region. REGENT will establish a regional R&D and training hub to support NEOM’s efforts to lead and localise electric seaglider technology.

2. Technology

Amazon Web Services launches initiatives to empower women in tech in the UAE

Amazon Web Services (AWS) has unveiled two innovative new initiatives this week aimed at advancing gender diversity in the technology sector. The programmes were introduced at “TheNewSySTEM: Reshaping the Tech Landscape” event in Dubai.

The first initiative, called “Qudwatech,” is a 12-week mentorship program designed to nurture women in technology at all career stages. Through AWS mentors, the program will provide opportunities for professional development, challenging and inspiring women entering the field or looking to enhance their skills.

AWS also signed a Memorandum of Understanding with the Dubai Business Women Council to launch a second, one-year program targeting mid- to senior-level women. It will offer comprehensive training, mentorship, and upskilling with a focus on promoting diversity, equity and inclusion in the workplace. The launch event was attended by influential figures like Safaa Khanfar of Emirates Group IT and Amna Al Redha of X Lab, underscoring the importance of these initiatives.

Global leader in industrial cybersecurity enters UAE market

The company made the announcement at the recently-concluded Gitex Global 2023 - dubbed as the world's largest technology and startup exhibition that brought together in Dubai more than 6,000 exhibitors and 180,000 tech executives from 180 countries, as well as over 800 government entities from the Middle East, Africa and South Asia region in the fields of technology, digital economy and artificial intelligence.

Dr. Terence Liu, CEO of TXOne Networks, said they decided to set up their base in the UAE as they expand their corporate network across the GCC and the wider MENA region. Dr. Liu said their key focus is to provide leading manufacturers and industries in the region, particularly in the oil and gas (O&G) and energy sectors, with critical infrastructure “to develop practical, operations-friendly approaches to cyber security.”

Canaan Makes Strategic Entry Into Middle East With Launch Of Its A14 Series Bitcoin Miners

Canaan, a global pioneer and leader in blockchain technology and cryptocurrency mining solutions, announced the launch of two of its most advanced Bitcoin Miners, the air cooling Bitcoin Miner,?A1466,?and the immersion cooling Bitcoin Miner,?A1466I,?at the Blockchain Life 2023 event in Dubai. This initiative marks a key milestone? in Canaan’s global expansion strategy, particularly targeting the Middle East’s robust blockchain and renewable energy markets.

“The Middle East is not just a crucial market but also a burgeoning blockchain hub that complements Canaan’s expansive goals,” says?Davis Hui, Vice President of Canaan. “The region’s progressive regulatory landscape and commitment to renewable energy fit perfectly with our international strategies, from environmental sustainability to technological innovation.”

3. Funding Activity

Saudi proptech Ejari closes $1 million pre-Seed round

Ejari, a Saudi-based property technology (proptech) platform offering a Rent Now, Pay Later (RNPL) solution for residential rentals, closed a $1 million (SAR 3.75 million) pre-seed round led by Sanabil 500 MENA and Hambro Perks' Oryx Fund, in addition to the participation of several angel investors.?

Founded in 2022 by Yazeed Al-Shamsi, Fahad Albedah, Mohammed Alkhelewy, and Khalid Almunif and based out of Riyadh, Ejari provides a unique Rent Now, Pay Later (RNPL) solution for residential rentals, addressing the need for more flexible payment options in the Saudi rental market.

The recent funding will allow Ejari to accelerate the growth of its RNPL service and expand into other proptech solutions.

Crypto payment startup Triple-A raises $10m in funding despite market turmoil

Triple-A secured a substantial $10 million in funding during a time when many crypto firms are struggling to survive. Per a report by TechCrunch, digital currency payments institution Triple-A has announced a $10 million Series A funding round on Wednesday.?

This round which is coming a year after the crypto company raised $4 million in a seed round led by zVentures, was led by returning investors Peak XV (formerly known as Sequoia India and Southeast Asia), with strategic support from Shorooq Partners, a venture firm focused on the MENA region, per the report. This brings the total of investment raised to $14 million for the company.?

The new funding will be used to expand its operations to the Middle East, North America, and South America, according to the company’s representatives.?Also, Triple-A has plans to incorporate new cryptocurrencies and blockchain solutions into its crypto payments and payout products.?

UAE proptech Keyper raises $6.5 million Seed round

UAE-based proptech Keyper has raised a $6.5 million Seed round, led by Access Bridge Ventures and Vivium Holdings, with participation from venture Capital firm MEVP, Jabbar Internet Group, key players in the real estate ecosystem, and a group of angel investors.

Founded by Omar Abu Innab and Walid Shihabi in 2022, Keyper offers a property management platform where tenants can track their expenses and charge online, and investors get real estate portfolios and access to data-driven insights. Since its founding, Keyper has attracted 2,100 freehold residential units in Dubai, valued at over dh4.5 billion and 800 landlords to its platform.

Back in May, the startup introduced its Rent Now Pay Later (RNPL) service, in a bid to alleviate the financial burden for Dubai residents. The fresh funds will help Keyper accelerate the growth and expansion of its rent facilitation and property management capabilities.

Self-driving startup Pony.ai secures $100 million from Saudi's Neom

NEOM, the smart and sustainable regional development in northwest Saudi Arabia, has injected $100 million into autonomous driving firm Pony.ai via its strategic investment arm NEOM Investment Fund (NIF).

The capital injection comes after the firm clinched the first tranche of its Series D funding round in March 2022 at a valuation of $8.5 billion, without disclosing the financial details and list of investors. Alongside the investment, NEOM and Pony.ai will form a joint venture to develop, manufacture and deliver autonomous driving services, advanced vehicles, and smart vehicle infrastructure in NEOM and key markets in the Middle East and North Africa (MENA) region, according to a release on Wednesday.

Founded in 2016 by James Peng who previously held stints at internet giants Baidu and Google, and Tiancheng Lou, a globally renowned coder who is also known by his handle “ACRush” within the programming community, Pony.ai claims to be the first to operate Level 4 autonomous vehicles in both Beijing and Guangzhou.

?

Democrance raises investment from Wa’ed Ventures to fund Saudi expansion?

Democrance, a UAE-headquartered insurtech company, has raised a funding round from Wa’ed, the venture capital arm of Saudi Aramco. The goal of this round is to expedite the company’s expansion into Saudi Arabia.

Founded in 2015 by Alberto Pérez, Damian Dimmich, and Michele Grosso, Democrance allows insurers to expand their digital offering through the startup’s white-label SaaS, plug-and-play which automates their sale and distribution channels. Democrance operates in 15 countries across the Middle East and Africa, South-East Asia and Latin America. In 2021, it raised funding from Global Ventures to support its expansion plans.

Nomad Homes raises $20 million Series A round

Nomad Homes, a software-enabled marketplace for residential real estate across Europe and the Middle East (EMEA), announced today it has closed a $20 million Series A extension round. The round is led by Acrew Capital, a multi-stage venture fund based in the Bay Area that has invested in companies such as Chime, Coinbase, Gusto, and Cato Networks, among others.?

Founded in 2019 by Damien Drap, Dan Piehler and Helen Chen, Nomad Homes is a software-enabled marketplace for residential real estate across Europe and the Middle East (EMEA). Operating in France, Spain, Portugal, and the UAE, the company has grown over 24x since its last fundraise despite rising interest rates and headwinds in the real estate sector.?

Nomad Homes will use the funding to continue investing in growth, further build-out its AI driven co-pilot for buyers, and launch Nomad Homes Private Client.?

Belong raises $1.5 million pre-Series A round

Belong, the Dubai-born social app, simplifies making friends through a city-focused community app.

Belong has announced a further $1.5 million in funding to improve its offerings and scale up its user base, bringing the total capital raised to $3.5 million.

Founded in 2019 by Michael Askew and Matthew Gaziano, Belong is a social app designed to connect individuals within cities. The company will use the funding to continue to accelerate growth and revenue milestones while cementing and scaling up its presence in New York, San Francisco, and Dubai. Belong has consistently seen significant growth in its subscription model and witnessed a surge in organic installs through its referral programme while also entering new cities across the USA.

Anava invests $5 million in Titan Seed Fund I to support Tunisian startups

Tunisia’s Anava fund of funds, run by Smart Capital, has pledged a $5 million investment in the Titan Seed Fund I, which is dedicated to funding deeptech startups in Tunisia.

Titan Seed Fund I is a $10 million fund that seeks to invest in 20 deeptech Tunisian startups. The Fund intends to invest an average amount of between $300,000 and $650,000 in Seed-stage startups, with the aim of preparing them for the Series A stage. Launched in 2021 as part of the country’s national initiative, Startup Tunisia, Anava aims to support startups and promote innovation. It is one of the key pillars of the national initiative Startup Tunisia, which aims to make Tunisia a country of innovation and startups at the crossroads of the Mediterranean, the Mena region, and Africa.

Deeptech IoT Startup Datoms Bags Funding To Offer Connected Machines To OEMs

Deeptech IoT startup Datoms has raised $1.2 Mn (approximately INR 10 Cr) in its pre-Series A funding round led by Yournest Venture Capital.?

Datoms was launched in 2021 by Phoenix Robotics, which was cofounded by Amiya Samantaray, Nataraj Sahoo, Amrit Biswal, and Asish Sahoo. Datoms offers an integrated operations cloud that brings people, processes, and machine operations onto a single platform. In a statement, Datoms said it will use the funds to strengthen its product offerings in construction warehousing, enhance in-house AI/ML capabilities, and expand its presence in the Indian and the Middle East markets.?

Any feedback to share??Contact us

Disclaimer:

This newsletter is prepared by Dash Venture Labs and provides general information only. The information and opinions in the report constitute a judgment as at the date indicated and are subject to change without notice. The information and opinions contained in this report have been compiled or arrived at from sources believed to be reliable in good faith, but no representation or warranty, express, or implied, as to their accuracy, completeness or correctness does also not warrant that the information is up to date. Any reference to third party research material or any other report contained in this report represents the respective research organization’s estimates and views, no copyright infringement intended and does not represent the views of Dash Venture Labs and its officers and employees do not accept any liability or responsibility whatsoever with respect to its accuracy or correctness.

Dash Venture Labs does not accept any liability for any loss arising from the use of material presented in this report. Dash Venture Labs may seek to do business, or may already have had some business dealings, with companies covered in this report. This document has not been reviewed by, approved by or filed with the ESCA or CBUAE. This report or any portion hereof may not be reprinted, sold or redistributed without our prior written consent of the Company.