OurCrowd to expand Abu Dhabi operations with AI hub, new VC office

These initiatives are part of the Israeli firm OurCrowd’s $60 million investment in the Emirati capital of Abu Dhabi.

 Founder and CEO of OurCrowd Jon Medved signs agreement with acting director general of Abu Dhabi Investment Office Abdulla Abdul Aziz Al Shamsi at Abu Dhabi Finance Week  (photo credit: ADIO)
Founder and CEO of OurCrowd Jon Medved signs agreement with acting director general of Abu Dhabi Investment Office Abdulla Abdul Aziz Al Shamsi at Abu Dhabi Finance Week
(photo credit: ADIO)

Israeli venture firm OurCrowd is to significantly expand its Abu Dhabi operations with a new venture capital office and Artificial Intelligence tech hub, Integrated Data Intelligence (IDI), the firm announced on Wednesday during Abu Dhabi Finance Week.

As a result of these initiatives, OurCrowd expects to expand its team based at Abu Dhabi Global Market to 60 over the next four years, as part of a $60 million investment by the company in the UAE’s capital.

“OurCrowd is a great example of a company that has benefitted from Abu Dhabi’s enabling ecosystem to achieve accelerated growth,” said Abdulla Abdul Aziz Al Shamsi, acting director-general of Abu Dhabi Investment Office (ADIO), which is collaborating with OurCrowd in order to launch IDI.

“In just a year, OurCrowd has moved from an initial license to an established market player, with its new investment center and tech hub bringing additional VC and tech specialism to Abu Dhabi and expanding the availability of solutions and technology to companies,” he said.

Jon Medved, CEO of OurCrowd (credit: MARC ISRAEL SELLEM)Jon Medved, CEO of OurCrowd (credit: MARC ISRAEL SELLEM)

Abu Dhabi the 'most fitting destination'

“Abu Dhabi was by far the most fitting destination. The World Economic Forum ranks the UAE first in the world in best e-infrastructure and macroeconomic stability, and the third most-trusted government. These factors, with numerous other advantages including global talent and market access, underscore why Abu Dhabi is now home to OurCrowd Arabia and OurCrowd’s new AI spinoff, and why we will continue to invest in the innovation infrastructure and talent in the country.”

Jon Medved

Jon Medved, founder and CEO of OurCrowd, noted the strategic importance of the firm’s investment in the UAE’s capital: “Abu Dhabi was by far the most fitting destination. The World Economic Forum ranks the UAE first in the world in best e-infrastructure and macroeconomic stability, and the third most-trusted government. These factors, with numerous other advantages including global talent and market access, underscore why Abu Dhabi is now home to OurCrowd Arabia and OurCrowd’s new AI spinoff, and why we will continue to invest in the innovation infrastructure and talent in the country.”