Dubai: The Bahrain fund manager, Investcorp has picked up a stake in Terminus Technologies, a Chinese Artificial Intelligence-based smart city services provider.
Since 2015, Terminus has developed a presence in AI and Internet of Things (AIoT) space. In April, its first 'AI City' project was announced to commence construction in Chongqing. And in July, Terminus was announced as the Premier Partner for Expo 2020 Dubai.
Currently, Terminus is promoting the construction of a global network of the AI City concept, in which many cities have agreed to participate in, including Dubai and Shenyang.
“China and its respective enterprises have accumulated considerable experience in AIoT, resulting in the number of companies growing at a scale never heard of before," said Hazem Ben-Gacem, Co-CEO of Investcorp. "Investcorp is optimistic about the market development prospect and the growth of China's AI economy.
"Terminus Technologies has secured its place among top-tier hi-tech companies in the world, which shows us the company’s potential of becoming the driving force for the digital transformation worldwide.” Investcorp has been investing in tech-enabled businesses for 20 years now.
In a statement, Victor Ai, CEO of Terminus, said: “We believe that the world is in the midst of transforming from the 'Age of the Internet' to the 'Age of Intelligence'. This transformation will have substantial near and long-term implications for global economies, making the upcoming decade the beginning of the era of so-called ‘intelligent economies’."