G42 to lead Astra Tech's latest funding round

Astra Tech (Astra), a UAE-born consumertechnology development and investment company,has announced that G42, the UAE’s leadingAI 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 andintegrated consumer servicesand 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 regionalplatform for consumertechnology 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 servicesand is specifically designed to address the platform fatiguemany users are experiencing today.At Astra Tech,we continuously seekto 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.