Dubai-based robotics and autonomous technology start-up Micropolis has raised $4 million in new investment round led by San Francisco-based venture capital firm Mindrock Capital.
The funding will help the company to advance its core technology and expand the product portfolio. It will be used to accelerate commercial production capability, improve research and development activities and finance new business development strategies, the start-up said.
This investment will enhance the company’s plans and portfolio of projects designed to develop autonomous vehicles
Egor Romanyuk,
chief executive of Micropolis
“Securing this funding reflects the confidence of stakeholders and investors in the advanced solutions and technology offered by the company in the fields of AI [artificial technology] and robotics,” said Egor Romanyuk, chief executive of Micropolis.
“This investment will enhance the company’s plans and portfolio of projects designed to develop autonomous vehicles, which will impact the operations of various key industries.”
Established in 2014 in Dubai Internet City, Micropolis aims to be a major contributor to the UAE government's technology-driven initiatives, especially those aimed at achieving the objectives of the country’s AI strategy.
In November, the UAE approved a temporary licence to test self-driving vehicles on the country's roads, after the plan was authorised by the Cabinet.
The Emirates plans to make 25 per cent of transport autonomous by 2030, a move that began in 2016.
In 2019, Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, issued a directive to regulate the testing of self-driving vehicles in the emirate.
A fleet of driverless shuttles was tested in Sharjah last year.
“We also support the Ministry of Industry and Advanced Technology’s strategy, aimed at boosting the UAE's industrial sector and transforming the UAE into a regional and global hub for future industries, through the development of advanced AVs and intensifying R&D efforts in the field of AI,” Mr Romanyuk said.
Micropolis specialises in designing, developing and manufacturing autonomous utility robots. It intends to bring the industry streams to the region to eventually be able to build the high-tech product in the Emirates.
“We are always looking for new investment opportunities, especially those in which we are able to leverage our sector specific experience to enhance growth,” said Grigorii Trubkin, managing partner of Mindrock Capital.
“Having a good number of unicorns in our portfolio, we know exactly what needs to be done for our portfolio companies to achieve that milestone … we believe Micropolis has tremendous growth potential and will become one of the future pioneers in the AV industry."
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Profile of Hala Insurance
Date Started: September 2018
Founders: Walid and Karim Dib
Based: Abu Dhabi
Employees: Nine
Amount raised: $1.2 million
Funders: Oman Technology Fund, AB Accelerator, 500 Startups, private backers
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
