Astra Tech’s 500 million USD round will be led by G42

Astra Tech (Astra), a UAE-born consumer technology development and investment company, has announced that G42, the UAE’s leading AI and cloud computing technology holding group, will be taking the role of Lead Investor in its latest funding round. The round, which is supported by prominent global and regional investors, is intended to provide Astra Tech with resources to expand its portfolio of smart solutions in e-commerce, communications, fintech, news, and other areas.

Astra Tech, founded by serial entrepreneur Abdallah Abu Sheikh, is a pioneer in the Middle East and Africa’s tech start-up ecosystem, focusing on smart and integrated consumer services and 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 regional platform for consumer technology 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 services and is specifically designed to address the platform fatigue many users are experiencing today. At Astra Tech, we continuously seek to 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 push, transitioning from a resource-based economy to a knowledge-based one through progressive technological advancements that will be critical in the coming phase. Through its investment in AI and, more broadly, the tech industry, the country has created a highly productive and innovative environment.

Astra Tech’s ecosystem is ready to meet its ambitions of remaining a pioneer 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.