UAE-based consumer technology development and investment company, Astra Tech (Astra) 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 for $500 million.

Backed by prominent global and regional investors, the round is meant to equip Astra Tech with the resources to expand its portfolio of smart solutions across e- commerce, communications, fintech, news, and more.

The brainchild of serial entrepreneur Abdallah Abu Sheikh, Astra Tech is a pioneer in the Middle East and Africa’s tech start-up ecosystem, with a primary focus 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.”