Hub71 recruits 16 new start-ups within latest cohort

Abu Dhabi-based global tech ecosystem Hub71 said it selected 16 start-ups from 11 countries, representing seven different sectors, to become listed on its incentive programme through the first quarter of the year.

The firms include UAE-based tidy technology start-up Fortyguard, Israeli health technology company Dawsat, Indian AI start-up Gleac, British space technology company SpaceChain and Saudi software programmer UnitX.

Determined companies have collectively raised more than Dh274 million ($75m) on funding from investors such as Goldman Sachs, Saudi Aramco Entrepreneurship Center, Y Combinator, Draper Associates, 500 Startups, Plug and Play and Techstars.

“Our 1st cohort of 2021 builds on our momentum and is a apparent reflection of our focus on attracting and admitting the most promising start-ups from all over the world to our dynamic network,” Ibrahim Ajami, interim chief executive of Hub71 and mind of ventures and development at Mubadala Investment Enterprise, said.

“Simply because our community evolves, we are getting ready to launch our latest generation of incentives that give founders more versatility and choice to make sure we are able to meet their demands at any stage.”

Every quarter, Hub71 selects several start-ups that meet up with its criteria to join its incentive programme. The initiative offers 100 % free housing, work place and well being insurance for two years for seed companies and 50 per cent subsidies for 3 years for emerging corporations, equating up to Dh3m in rewards per start-up.

In the most recent cohort, Hub71 backed start-ups from new markets such as for example India, Saudi Arabia, Turkey, Mauritius and South Africa. The group includes firms developing disruptive technologies including the initial blockchain satellite constellation and the world’s primary artificial intelligence and machine learning-based ideation suggestion and sourcing program for event management.

Hub71 is also attempting to improve market gain access to because of its start-ups and rise funding options by cementing relations with its corporate partners and cash, Mr Ajami said.

“This cohort will gain considerable opportunities to penetrate a growing market that is focused on embedding technology and innovation within its sustainable growth,” he added.

More than 15 native, regional and international capital raising funds are based in Hub71 with possessions under management worth a lot more than $1.72 billion.

Founded by the Abu Dhabi government, Mubadala Investment Service, Abu Dhabi Global Market, Microsoft and SoftBank, Hub71 is usually a flagship initiative of the Dh50bn Ghadan 21 monetary stimulus programme.

It has positioned the UAE capital as an advancement hub and has attracted start-ups in sectors that are crucial to its expansion, such as for example agricultural technology, healthcare and renewable energy.