A Dubai-based company focused on the rapidly expanding robotics and artificial intelligence industry has secured a $4 million investment to support growth plans.
Micropolis has announced the seed round investment led by San Francisco-based venture capital firm, Mindrock Capital.
The investment will be used to accelerate commercial production capabilities, as well as fund R&D and business development.
Egor Romanyuk, CEO of Micropolis Holdings, said: “Securing this funding reflects the confidence of stakeholders and investors in the advanced solutions and technology offered by the company in the fields of AI and robotics.
“This investment will enhance the company’s plans and portfolio of projects designed to develop autonomous vehicles, which will impact the operations of various key industries.”
Romanyuk added: “We strive to be a major contributor to the UAE’s government initiatives, especially those aimed at achieving the objectives of the UAE Strategy for Artificial Intelligence, to enhance reliance on autonomous mobility.”
Grigorii Trubkin, managing partner of Mindrock Capital, said: “We are always looking for new investment opportunities, especially those in which we are able to leverage our sector specific experience to enhance growth.
“Having a good number of unicorns in our portfolio, we know exactly what needs to be done for our portfolio companies to achieve that milestone and how we can help a company to succeed. We believe Micropolis has tremendous growth potential and will become one of the future pioneers in the AV industry.”
Micropolis is specialised in designing, developing, and manufacturing autonomous utility robots.
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