Although most individuals are talking about what’s recent from the White House Stargate Project focuses on three big tech names – OpenAI, SoftBank AND Oracle — investment company based in Abu Dhabi MGX is also expected to play a big role in the recent AI project.
However, this is nothing recent for the company when it involves large investments in artificial intelligence in the US
It was reported MGX – $100 billion AI-focused investment vehicle founded by sovereign wealth fund Stock market and an Abu Dhabi-based AI company G42 — plans to contribute about $7 billion to the recent Stargate project. The project is expected to assist build data centers and AI infrastructure price between $100 billion and $500 billion.
However, Project Stargate is not the only big deal MGX has been involved in since its announcement last March. According to Crunchbase, the company has participated in three of the largest fundraisers by artificial intelligence corporations in the last few months data.
There is more
MGX too announced in September he’ll start cooperation with CzarnyRock AND Microsoft building data centers and increasing energy efficiency in the face of growing demand for artificial intelligence. The $30 billion plan is expected to grow to $100 million when debt financing is included.
The company’s founders have also made quite a few investments in technologies, from artificial intelligence to biotechnology to climate technologies.
An arm of the Mubadala enterprise, Mubadala Capital Ventureshas remodeled 100 investments in the last seven years, in response to Crunchbase data — including participation in the New York program Meser$290 million in funds led by Arch Venture Partners. The company is investigating drugs for obesity and metabolic diseases, offering oral and injectable incretin and non-incretin drugs and combination therapies.
On the other hand, G42 was involved in only 10 deals – in response to Crunchbase data – including deals based in China ByteDancea $100 million secondary offering last March.
ByteDance is the parent company TikTok — a video-sharing platform that has turn into a political hot potato on account of its ties to China.
This week was probably the first time many heard about MGX. It is almost certain that it’ll not be the last.