Astra Tech’s 500 Mn USD Round to be led by G42

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Dubai: Astra Tech (Astra), a UAE-born consumer technology development and investment company, has announced 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. 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 e- commerce, communications, fintech, news, and more.

The brainchild of serial entrepreneur Abdallah Abu Sheikh, Astra Tech is a pioneer in the Middle East and Africa’s tech start-up ecosystem, with a primary focus on smart and integrated consumer services and technologies.

Commenting on this announcement Peng Xiao, Group CEO – G42 said: “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.”

Abdallah Abu Sheikh, founder & CEO of Astra Tech, said: “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.”

The UAE is on a digital drive, transitioning from a natural resource economy to a knowledge-based one by way of progressive technology advancements that will play a key role in the coming phase. The country boasts a highly productive and innovative environment through its investment in AI and, more broadly، the tech industry.

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.

About Astra Tech

Astra Tech (‘Astra’) is a UAE-based technology investment and development group formed by Abdallah Abu Sheikh, a pioneering serial entrepreneur in the Middle East and Africa’s (MEA) tech startup ecosystem.

Under Abu Sheikh’s leadership, the Astra Group is taking strides to become one of the largest consumer technology groups from the region by building the world’s first ultra platform and ecosystem. The platform will provide seamless connectivity between consumers and businesses, enabling users to effortlessly access home, e-commerce, and fintech services within one place, three times faster than through competing platforms. Astra’s mission is to enrich people’s lives by making communication and e- commerce more seamless, connected, and natural.

Astra will use the resources from this round to acquire consumer platforms globally in addition to PayBy, a recently acquired fintech platform, and Rizek, an on-demand home services platform, to turbocharge its speed to market with user-rich, financially viable, and customer-centric assets.

About G42

G42 is a global leader in creating visionary artificial intelligence for a better tomorrow. Born in Abu Dhabi and operating across the world, G42 champions AI as a powerful force for good. Its people are constantly reimagining what technology can do, applying advanced thinking and innovation to accelerate progress and tackle society’s most pressing problems.

G42 is driving change in the region and beyond, joining forces with nations, corporations and individuals to create the infrastructure for tomorrow’s world. From molecular medicine to space travel and everything in between, G42 realizes exponential possibilities, today.