Emerging technologies are fuelling economic growth in the United Arab Emirates. Blockchain, Web 3.0, AI, and the Metaverse all play starring roles in this story. As is usual in emerging spaces, it is start-ups that are doing most of the innovating.
Dubai’s rising star BEDU is one such startup, having pitched flags in all the landscapes mentioned. Web 3.0, NFTs, and the Metaverse have previously made headlines for the company.
Over the past 18 months, it launched the Virtual Mars Experience 2117 in partnership with the Mohammed bin Rashid Space Centre, dropped digital-art collections such as “From Desert to Mars” and “Colonies on Mars”, and made a splash at Art Dubai 2023. The company also partnered with Dubai Future Foundation and played a key role in the recent Metaverse Assembly.
But lately, it is AI that is turning heads towards BEDU. As the company enters a pre-seed investment round, it unveiled its vision for the future of artificial intelligence, which is predicted to contribute 13.6% of the UAE’s 2030 GDP – the largest contribution in the Middle East. Regionwide, AI is expected to be a US$320-billion industry by then.
BEDU’s Chief Executive Officer, Amin Al Zarouni, sees AI as, “fertile ground for investment” and has previously pledged that the company will combine the technology with others like blockchain to redefine industries.
“Our aim is to harness the farthest outskirts of tech to bring new user experiences that connect, engage, and entertain,” he said. “We are inviting investors to be part of a story that writes a new chapter for the Internet and that underpins the future of the entire digital realm.
A rich toolbox
The tentpole of the company’s AI vision is its flagship AI Builder tool, a technology agnostic platform aimed at a range of users from the individual hobbyist to the enterprise-scale data-science team. In addition, BEDU AI is a portfolio of products and services, including tools for media management, document processing, and voice and visual data analytics.
“The AI Builder tool will be a transformative force for the Internet,” Al Zarouni said, explaining that it would allow organisations to “democratise the creation of immersive encounters”.
The “democratisation of AI” is a term long used by tech companies to describe the need to bring the benefits of such tools to a wide array of users, allowing them to conceive and construct rich experiences, as well as automate everyday processes. Al Zarouni argues that putting this power in the hands of everybody will leave “an indelible mark on the evolving landscape of digital interaction”.
“Consider,” he said, “the extensive time and resources that organisations invest in crafting and executing training programmes for their personnel. Often, these programs demand simulations and interactive elements to enhance content allure, which strains company budgets in the process. Now, envisage a scenario where this process is streamlined – training programmes meticulously designed and tailored to individual employee needs while seamlessly aligned with company performance metrics. This is just one potential outcome of harnessing an agnostic AI-building tool capable of fashioning complete digital or virtual experiences without necessitating technical expertise or extensive labour.”
Funding the future
BEDU’s pre-seed investment round is a strategic leap forward for the company. Having gone from industry maverick to established thought leader, the successes of its past have informed the vision for its future. Al Zarouni believes an infusion of capital will serve as a “potent accelerator” for the company’s R&D function, while extending its sphere of influence and “fortifying” its position as an industry leader.
“With this financial injection, we will amplify the prowess of our platform, attract fresh talent, and spearhead our global expansion efforts,” he said, adding that “by expediting our time-to-market, we are positioning BEDU as a preeminent force in the realm of AI”.
The company has always been clear on its unicorn aspirations, citing its “compelling business concept, proficient team, and requisite resources”.
“We’re offering an enticing investment prospect to potential partners aiming to secure 5% now of our intended valuation by the close of 2024, with a capped valuation set at 20% of that target,” Al Zarouni said.
”Worldwide AI investments are expected to reach US$110 billion by that time, and AI’s contribution to the global economy is estimated to be $15.7 trillion by 2030. If you factor in the Web 3.0 economy, which is anticipated to surpass US$10 trillion, BEDU’s feet are perfectly positioned in each of these spaces. We – and those with the vision to join us on this journey – will be at the forefront of this dynamic market shift.”
Leaders in the field
Al Zarouni believes investors will be drawn to the synergy between Web3.0 and AI – a synergy he predicts will reshape industries and human interactions alike.
“BEDU stands out with its unique blend of visionary leadership, cutting-edge technology, and immense market potential,” he added, paying tribute to Khaled Al Huraimel, the Co-Founder of BEDU. Al Huraimel’s sector-spanning experience has guided BEDU through its early years, and his AI experience has “added depth” to the company’s execution, according to Al Zarouni.
“Khaled’s leadership is a further boost to our confidence in leading the field,” he said. “With our market insights, Dubai’s nurturing environment, visionary guidance, and regulatory support, success is our natural trajectory. We’re primed to shape the AI and Web3.0 landscapes, and we invite investors to join us on this transformative journey.”
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