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18 Jun 2024 04:35

Editor's Pick Tech & Start Up The Latest

Hub71 Welcomes 23 Startups in its 13th Cohort

Abu Dhabi Further Solidifies its Position as a Global Tech Hub

Hub71 receives over 1400 applications from over 100 countries, marking a 107% increase in applications compared to the previous cohort

Startups joining Cohort 13 have collectively raised over $53 million in funding

Seven startups to join Hub71+ Digital Assets, Hub71’s specialist Web3 and Digital Assets ecosystem

Hub71, Abu Dhabi’s global tech ecosystem, has welcomed 23 new startups as part of its latest cohort, having collectively raised over $53 million in funding. Following a rigorous selection process, the successful startups will enter Hub71’s new Company Building Program and benefit from up to AED 250,000 worth of in-kind incentives and AED 250,000 in cash for equity. High-performing startups from the latest cohort will also be eligible to receive a top-up of up to AED 250,000 in exchange for additional equity, after one year.

Hub71 received a 107 per cent increase in applications from over 100 countries, reinforcing Abu Dhabi’s increasing global appeal as an innovative destination of growth for the world’s leading entrepreneurs. The new cohort comprises tech startups hailing from countries across the region, including the UAE, Egypt, and Saudi Arabia, as well as companies from the UK, Canada, India and Armenia, which will establish a presence in Abu Dhabi. Additionally, around 40% of the startups in the latest cohort are from the US. This reflects the growing interest from mature tech hubs in Abu Dhabi’s favorable innovation ecosystem. Operating in 11 diverse industries, the startups will support the advancement of sectors aligned with Abu Dhabi’s strategic economic priorities, including FinTech, ClimateTech, HealthTech and EdTech.

Seven startups in the cohort will join Hub71+ Digital Assets, the specialist ecosystem focused on unleashing the growth potential of Web3 and digital assets. Startups in Hub71+ Digital Assets can tap into a network of 13 dedicated partners, including leading digital asset exchanges, global technology providers, venture capital funds, blockchain platforms and other commercial and investment opportunities required to scale. Startups joining Hub71+ Digital Assets include UK headquartered Avantgarde Finance which has raised $5.5 million in funding and provides a platform for digital asset investment managers to plug into, launch their strategies and grow at scale.

With a growing focus on the potential of innovation and technology in supporting climate action in the UAE, Hub71 selected two ClimateTech startups that developed innovative technologies helping to shape a more sustainable future. Acquai, which has raised $1.5 million (AED 5.5 million), is a software and hardware service company delivering data from waterways using 3D printed, bio-inspired fishlike drones. Meanwhile, Carbonsifr is a UAE founded climate tech platform enabling businesses to take tangible climate action through their climate-tech solutions such as emissions calculation engine, AI-based reduction platform and checkout tool to engage consumers on their daily.

Ahmad Ali Alwan, Deputy CEO of Hub71, said: “With each cohort, we are noticing increasing interest from high-growth startups worldwide seeking to establish their businesses and expand from Abu Dhabi. Tech entrepreneurs recognize the distinct advantages of setting up their companies in the UAE capital, which provides a favorable environment for developing and marketing innovative products and services that can transform the business world. By attracting startups with immense growth potential, Hub71 is building on its powerful community of visionary entrepreneurs who will pave the way for the future of innovation.”

In addition to a customized three-month course to receive expert mentorship, tailored advice and critical support, startups joining Hub71 will also gain access to a broad network of corporate, government, investment, and talent partners operating within Abu Dhabi’s technology ecosystem, significantly heightening the prospects of securing commercial deals, investment and market growth opportunities.

The 23 startups selected to join Hub71’s 13th cohort:

AlGooru is an online service that connects students from various age groups with private on-demand tutors.

Anecdote is a customer analytics platform that delves into each customer feedback ticket, drawing from various sources to deliver valuable insights that companies can use to make better product decisions.

Aquaai is a software and hardware service company delivering data from waterways using 3D-printed, bio-inspired fishlike drones.

Atiom is a behavioral tech platform and mobile solution for deskless teams, primarily focused on creating real business value for large enterprise organizations.

Autobia is a B2B marketplace leveraging data to solve the infrastructure and after-sales challenges in the automotive industry.

Avantgarde Finance provides digital asset investment managers a platform to plug into, launch their strategies, and grow at scale.

BioSapien is a validated FDA drug delivery platform that can slow-release drugs over a specified period into tumors directly.

Carbonsifr is a platform that neutralizes the carbon footprint across businesses and industries.

ClearQuote Technologies utilizes computer vision to assess vehicle images automatically and identify and evaluate defects or damages.

CrunchDAO leverages the power of Web 3.0 collective intelligence to create a next-generation financial insights provider.

Digital First AI offers a solution to the marketing industry by providing an all-in-one AI integration.

Droplinked by FlatLay is a Web 3 commerce enabler for consumers and enterprises, bridging the gap between Web 2 and Web 3 capabilities with no-code, headless solutions.

FlapKap is a user-friendly tech funding platform that integrates with e-commerce, social media and advertising platforms, marketplaces, payment gateways, and Enterprise Resource Planning (ERPs).

Goodable uses AI to deliver mental health programming to any screen or device. Its platform is clinically proven to improve employee mood, health and productivity by up to 96%.

Lemonade Fashion is a video-first fashion and beauty platform. The social platform lets users shop directly from the video and check out from the same integrated system.

Momint enables accessible funding and trade of solar photovoltaic1 (PV) investments with a built-in digital wallet, specializing in putting real assets and legal contracts on the blockchain.

Netki is an identity validation provider with deep expertise in high-scale and high-fraud environments.

Overnight Finance is an asset management protocol offering passive yield products based on delta-neutral strategies, primarily for conservative stablecoin investors.

Param Labs is a game and blockchain development studio that delivers the highest quality blockchain-integrated games to the masses through player-owned digital assets.

PriceOye Technologies is a managed marketplace for consumer electronics at the best prices with a built-in price comparison engine.

Retailhub is a platform for direct integrations between retailers and aggregators.

Sustainable Planet is an AgriTech company utilizing sustainable technology to combat food insecurity and climate change.

Syd is a SaaS platform in predictive/preventative health tech that focuses on improving the life quality of employees as a success strategy from a business to an individual employee perspective.

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