OCTOBERASIA BUSINESS OUTLOOK9NEWSROOMCHAKR INNOVATION RAISES 2.3M USD FOR AI DEFECT DETECTIONPresight AI Holdings, based in the UAE, is partnering with venture capital firm Shorooq Partners to establish a global AI (artificial intelligence) fund of up to 100 million dollars.The fund was announced today and is targeted towards innovative AI projects with a specific interest in startups in the Middle East and Africa, as well as emerging markets.Presight, a G42 company that provides data analytics with AI that is used to analyze information in sectors such as smart cities and healthcare, is collaborating with Shorooq, a business that has already funded successful startups such as Careem and Vezeeta.They will invest in 20-25 early-stage AI companies in the next three years, each with an investment of between 2-5 million dollars.Key Highlights· UAE's Presight, Shorooq launch $100M global AI fund for startups· New AI fund to invest in emerging markets, focus on ethical tech· Presight-Shorooq partnership backs 20-25 early-stage AI companies worldwide"This fund represents a pivotal step in democratizing AI innovation," said Faisal Al Bannai, Chairman of Presight AI Holdings. "By combining Presight's technological prowess with Shorooq's investment acumen, we're empowering entrepreneurs to solve pressing global challenges--from climate resilience to personalized medicine."The fund will focus on areas like generative AI, machine learning for sustainability, and ethical AI development. It's also committed to supporting underrepresented founders, with at least 40% of investments going to startups in the Global South. The fund aligns with the UAE's Vision 2031, which aims to make the country a leader in digital innovation.Mahmoud Adi, Shorooq's Managing Partner, said, "AI is no longer a luxury; it's the backbone of tomorrow's economies. This partnership amplifies our commitment to scalable, inclusive tech that drives GDP growth in emerging regions."Experts see this as a boost for the UAE's growing AI scene, which already includes over 500 startups and attracts $1.5 billion in venture capital yearly. The fund could spark new partnerships and even create major AI companies in specialized fields. Presight, which went public this year with a $250 million valuation, has been expanding, recently investing in European data companies. Shorooq, managing $300 million in assets, has a strong history of successful investments.AWith global interest in AI growing, this fund strengthens the UAE's role as a hub for tech innovation. Startups can apply for funding through Shorooq's website, with the first investments expected by early 2026.Presight will also provide startups with access to its advanced computing tools, helping them grow faster. With AI expected to add $15.7 trillion to the global economy by 2030, according to PwC, this fund is a key step toward a more inclusive tech future. Bengaluru-based startup Chakr Innovation just landed $2.3 million in its latest Series C funding round, a big win for India's growing deeptech scene.The announcement, made today, highlights the rising excitement around AI solutions that make manufacturing smarter and more sustainable.The funding was led by Anicut Capital, a Chennai-based firm that invests in promising tech companies. Returning investors like growX Ventures, which focuses on early-stage deeptech, and the government-backed National Skill Development Fund also joined in. With this round, Chakr has now raised over $8 million since starting up in 2018.Founded by IIT Madras graduates Adarsh Badri and Nithin S, Chakr Innovation uses AI and computer vision to spot tiny flaws in materials like welds, composites, and forgings key parts used in industries such as aerospace, automotive, oil and gas, and renewable energy.Key Highlights· Chakr Innovation raises $2.3M to advance AI-powered defect detection· Indian deeptech startup Chakr boosts smart manufacturing with new funding· Chakr Innovation targets global expansion with Series C $2.3M fundingTheir technology replaces slow, manual inspection methods like ultrasonic or X-ray testing. Chakr claims its platform cuts error rates by up to 90%, speeds up inspections from hours to minutes, and reduces costs by 70%.The new funds will help Chakr grow. They plan to improve their AI for real-time use on factory floors, expand into Southeast Asia and Europe, and develop new features like predicting material wear using advanced AI. "This investment shows we're on the right track to make quality checks faster and eco-friendly," said CEO Adarsh Badri. "As manufacturing goes digital, we're ready to protect billions in assets globally."G. D. Rajkumar from Anicut Capital said, "Chakr's technology is a game-changer for India's push to be self-reliant, reducing the need for foreign inspection tools." The startup has already scored major clients like Tata Steel and Hindustan Aeronautics Limited and recently helped a wind turbine project avoid costly downtime.India's deeptech sector is booming, with startups raising $1.5 billion in 2024, according to Inc42. As industries focus on sustainability, Chakr is well-positioned to grow. The company aims to triple its clients by 2026, targeting a $500 million market in automated inspections.With this funding, Chakr is set to lead the way in using AI to make industries safer and more efficient. Chakr Innovation Series C funding, AI defect detection India, Deeptech manufacturing startups, AI-powered quality inspection, Chakr Innovation investors, Smart manufacturing AI solutions. UAE'S PRESIGHT, SHOROOQ LAUNCH 100M USD GLOBAL AI FUND
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