G42 explores multibillion-dollar fundraising round - Bloomberg

G42, a leading artificial intelligence firm based in Abu Dhabi, has been engaged in preliminary discussions with prospective investors to potentially raise a multibillion-dollar sum, according to Bloomberg news outlet. The company, supported by Microsoft, is joining a trend among state-backed entities in the oil-rich nation of investing in external financing.

The potential capital raise and its structure have not been finalized, as per the individuals familiar with the situation. G42's investor lineup currently includes Abu Dhabi's Mubadala Investment Co., American private equity firm Silver Lake, and tech behemoth Microsoft Corp. (NASDAQ:MSFT). The company is led by Sheikh Tahnoon bin Zayed Al Nahyan, the UAE’s national security advisor and brother of the ruler of Abu Dhabi.

As the head of his country's AI initiative, Sheikh Tahnoon oversees a wide array of companies with connections to the world's top financial institutions. The ultimate utilization of any additional funds is yet to be determined. Abu Dhabi is already a substantial investor in AI and associated infrastructure via MGX, a project overseen by Sheikh Tahnoon. He is joined by Mubadala and G42 as founding partners.