Abu Dhabi's sovereign wealth fund Mubadala Capital listed the AI sector as its top priority for investments.
Head of ventures Ibrahim Ajami expects the firm to back AI startups over the next 10 years, as he said, "It's no doubt probably one of the most exciting new supercycles that's happening in technology." Other than AI, the firm expects to back health-tech, enterprise technology, deep tech, and fintech startups.
Mubadala also expects to invest in energy transition, climate tech, and biotech across Europe.
- The firm aims to maintain its funding deployment rate while other VCs curb their distribution.
- He anticipates a recalibration of global fund deployment and a possible reversal early next year.
- Ajami added that several funds approached Mubadala offering their stakes in portfolio companies at a steep discount.
- Mubadala makes direct investments into startups, as well as investing in other funds through its fund-of-funds program.
