HUB71 welcomes 27 startups to join the group of 18 in the first fully international batch

ABU DHABI, 4th June, 2018 (WAM) – Hub71, the global technology ecosystem in Abu Dhabi, announced that 27 startup companies have been selected to join the Access program within the 18 group, after recording a record number of applications, amounting to 2,453 applications from 112 countries.

The average financing raised by the selected companies amounted to 31.2 million dirhams (8.5 million US dollars), with a total financing exceeding 844.7 million dirhams (230 million US dollars), which reflects the high level of companies and their increasing confidence in choosing Abu Dhabi as the headquarters for their global expansion and growth.

The group of 18 represents a competitive acceptance rate of 1.1 percent, with 27 startups selected. For the first time, all selected startups are headquartered outside the UAE, which reflects Abu Dhabi’s attractiveness to entrepreneurs around the world as a leading global center for startups capable of attracting high-growth projects and welcoming them into its system. All selected startups are currently undergoing licensing procedures and establishing their operations in Abu Dhabi, which confirms the ease of establishing and managing startups from the emirate.

Also, 31 percent of requests came through recommendations from the Hub71 partner network and the founders’ community, which underscores the strength of the ecosystem and the growing role of its networks in attracting high-growth startups.

The 27 startups will join the Access program across various sectors and Hub71 ecosystems, which include the Hub71+ Digital Assets ecosystem, the ClimateTech Hub71+ ecosystem, and the Hub71+ Life Sciences ecosystem. This diversity reflects Abu Dhabi’s priorities in developing new growth engines within the areas of structured digital finance, climate and industrial technologies, and innovation in the health sector. Seven companies will join the Hub71+ Life Sciences ecosystem, along with six companies in the Hub71+ Digital Assets ecosystem and five companies in the Hub71+ ClimateTech ecosystem.

Ahmed Ali Alwan, CEO of Hub71, said: “The group includes 18 startups operating from Abu Dhabi and are making clear progress in building their businesses. The joining companies continue to develop their products and enter new markets. At Hub71, we enable founders to achieve commercial growth and attract funding, supporting their expansion from Abu Dhabi to global markets.”

Among the most prominent companies joining Hub71 is the American company EchoTwin AI, which transforms municipal vehicle fleets into mobile sensor networks and creates real-time digital twins that enable relevant authorities to monitor, predict, and proactively address infrastructure challenges. It has raised funding worth 29.4 million dirhams (8 million US dollars). Also joining from Kenya is Duck, a retail data provider that brings together sales and inventory systems into a single user interface, and aims to help brands restock more quickly and avoid losing sales. So far, it has succeeded in raising funding worth 1.1 million dirhams (295 thousand US dollars).

The list of startups that have joined the Hub71+ Life Sciences ecosystem includes Amilis, a startup from the United Kingdom, which has raised funding amounting to 5.9 million dirhams (1.6 million US dollars) to develop an artificial intelligence-powered clinical decision support platform that integrates patient data with the aim of improving the diagnosis and management of complex conditions in the field of reproductive health.

As for the startups that will expand through the Hub71+ Digital Assets ecosystem, they include Wingbits from Sweden, which is a global network of tracking stations that broadcast high-quality aviation data to provide real-time visibility into air traffic, and which has raised funding worth 34.5 million dirhams (9.4 million US dollars).

Among the startups joining the Hub71+ ClimateTech ecosystem is UK-based Persium, which received AED 6.2 million (US$1.7 million) in funding to accelerate the development of miniature air quality sensors and digital twin models powered by artificial intelligence to measure and reduce the level of air pollution.

The new group includes startups from 12 countries across stages extending from the “pre-seed” stage to Series A. This new batch reflects Abu Dhabi’s ability to attract high-growth startups from around the world. This is also evidenced by the inclusion of startups from India such as Uravu Labs, a climate technology company focused on water solutions, and Endimension Technology, an AI-based diagnostic imaging platform. The joining of these two companies reflects efforts to strengthen the mutual innovation corridor between the UAE and India within the framework of the Comprehensive Economic Partnership Agreement between the two countries.

Three companies from Hong Kong also joined the 18 group, namely Pubrio, Craftt, and KPay, after participating in the Immersion program between Hub71 and Hong Kong, which was launched last year, which reflects the success of the new program in consolidating Abu Dhabi’s position as a global launching platform for startups and transforming international participation in the program into an actual move to Abu Dhabi, joining its system, and expanding within it. KPay, a fintech platform, has raised AED 238.7 million (US$65 million) and is expanding its operations from Abu Dhabi to support businesses in managing payments and financial operations.

Over a period of 12 months, the Access program will provide support that includes in-kind incentives of up to 250,000 dirhams and 250,000 dirhams in cash via a simplified SAFE agreement for future shares, in addition to customized mentoring, connecting companies with investors, regulatory support, and access to Hub71’s network of government agencies and companies. Companies with outstanding performance can also receive additional support that enables them to expand from Abu Dhabi to global markets.

With the addition of the 18th group, the number of companies within the Hub71 community has increased to 525 companies, strengthening Abu Dhabi’s position as one of the fastest growing innovation ecosystems in the Middle East and North Africa region.

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