CE-Ventures invests in US artificial intelligence company
UAE-based CE-Ventures, the venture capital arm of Crescent Enterprises, has invested in Silicon Valley-based artificial intelligence (AI) company EdCast in a round worth $33.6 million. Other investors included Japan-based Softbank and the London Fund.
Founded in 2013, EdCast aggregates a company’s learning content and curates the most useful to employees. The company will primarily use the fund to expand its operations to the Middle East and North Africa (Mena) region.
“With this funding, EdCast’s focus on providing knowledge and training that is fully integrated in the flow of work is coming to fruition faster than ever,” said Karl Mehta, founder and chief executive officer at EdCast.
The company claims to have two million paid customers including Dell EMC, Schneider Electric and the World Economic Forum.
“We are keen to identify and support promising emerging technologies,” said Tushar Singhvi, director at CE-Ventures. “We are optimistic about EdCast’s potential to universalise its AI knowledge-based operating system for information curation and processing.”
The investment follows CE-Ventures’ acquisition of minority stake in logistics firm Transcorp International in November 2018. To date, the VC firm has invested $61 million in 20 startups and funds across the US, Mena and South-East Asia.