KARACHI: On the path to building a portfolio of companies that provide advanced engineering services at the enterprise level, sAi Capital has led a strategic investment in wAI Industries, along with its partner, Plutus21. This investment will equip wAI Industries with the resources to deliver large, frontier enterprise technology projects that often require millions of dollars, enabling capable local companies to take part in global-scale projects.
wAI Industries, a leader in artificial intelligence (AI), boasts a track record of empowering large organizations. wAI helps companies unlock the true potential of their data, converting it into invaluable intellectual property that fuels a competitive edge. Their focus lies in developing custom AI models and products. One of the recent examples of this endeavor is their collaboration with their strategic investors, culminating in an agreement with one of the largest compliance software companies in the world.
In response to the partnership, Abu Abdullah Ashar, CEO and Founder of wAI, remarked, “As we head towards the exhaustion of publicly available open-source and licensed data, all enterprises will become equal in their capabilities. While this neutralization happens, only those enterprises that are able to harness their data to build proprietary competitive models will survive. In this environment, wAI industries prioritizes the development of proprietary AI models fueled by enterprises' unique data assets.”
Furthermore, Ashar said, “Their multidimensional involvement has enhanced our global enterprise engagement capabilities and strengthened our ability to deliver at a global scale. This operational investment approach fills a critical gap in Pakistan's VC landscape”.
“This alliance serves to empower wAI’s talent and infrastructure for global competition. This collaboration exemplifies the core tenet of sAi's approach: unlocking a wave of success stories for established technology companies,” adds Ahsan Jamil, CEO and General Partner at sAi.
Sanctioned by Pakistan's Security and Exchange Commission, sAi has emerged as Pakistan's first venture capital firm focused on Advanced Engineering Companies with $10 million Export Fund. This strategy diverges from conventional methods previously employed in the venture capital arena.
This collaboration has the potential to redefine the venture capital and private equity landscape in Pakistan by ensuring businesses have access to growth-oriented financial solutions. This, in turn, can drive sustainable success across various industries, propelling Pakistan's AI sector to become a prominent player on the global stage.
Copyright Business Recorder, 2024