Abu Dhabi’s G42 takes on lead investor role in Astra Tech’s $500m funding round

Dubai: The UAE-based consumer-tech platform Astra Tech has roped in Abu Dhabi headquartered G42 as lead investor for its $500 million funding round. The additional funds will see Astra Tech expand its portfolio of solutions in ecommerce, fintech and communications.

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

G42, heavily focussed on AI and health-tech, has been operating an active investment portfolio, and the exposure in Asia Tech should be seen in this light.

“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,” said Peng Xiao, Group CEO of G42. “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.”