Intel Capital invests in three UAE-based firms
Intel Capital, Intel Corporation's global investment organisation, has announced an investment in three UAE-based technology companies: Conservus International, Pulse Technologies, and Vertex Animation Studio.
The funding will come from the $50 million (Dh184m) Intel Capital Middle East and Turkey Fund. This fund invests in companies developing innovative hardware, software, local content and services throughout the Middle East and Turkey.
Intel capital had a similar investment in November 2008 in UAE-based Sphere Networks, a national software development firm specialising in enterprise management, in which Dubai Silicon Oasis is a shareholder.
"The investment arm of Intel last year spent globally $1.6 billion, a billion of which was spent on the wireless broadband Internet service provider 'Clearwire' and the rest $600m on privately held companies," said Arvind Sodhani, President of Intel Capital and Executive Vice-President of Intel. "The year before that we invested $639m, that is 50 per cent of our investment going out of the US."
The announcement coincides with Intel's President and CEO, Paul Otellini's first visit to the gulf region. The visit focused on driving and expanding economic, educational and technology-related support for the region.
"Intel Capital is committed to investing in local companies and encouraging entrepreneurship in technology in the Middle East to help provide communities with useful technology platforms," said Sodhani. "The Middle East is home to a great deal of talent and innovation. We look forward to collaborating with these dynamic companies and helping them take the necessary steps towards global competitiveness."
The firms that benefited from this funding are specialists in technology content. Conservus International is an IT/media marketing firm that is responsible for the conceptualisation, design and development of a digital targeted ad medium. Pulse Technologies builds automation systems, specifically catering to property and hotel developers across the Middle East, Southeast Asia and Europe, and Vertex animation studio is a firm focused on animation, virtual realty applications and 3D multiplatform games. Conservus International already has investments from Jordan-based venture capitalist IV holdings.
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