Astra Tech founder exits the firm, with G42 snapping up his stake

UAE AI outfit G42 acquired tech investment firm Astra Tech founder Abdallah Abu Sheikh’s entire stake in Astra Tech, CNBC Arabia reports, citing people it says are familiar with the matter. The current size of G42’s stake in video calling app Botim’s parent company and its investment size are yet to be disclosed.

Management shuffle at Astra Tech: Abu Sheikh will step down from his position as Astra Tech CEO, and current CTO Long Ruan will take charge in an interim capacity.

REMEMBER- G42 has always been in the mix: G42 led a USD 500 mn funding round for Astra Tech in 2022,

It’s a big year for G42 after Microsoft’s USD 1.5 bn investment in the company to support its operational expansion plans. The AI group along with its new investor poured money into setting up two AI centers in Abu Dhabi, in addition to joining forces to establish a USD 1 bn geothermal data center in Kenya.

ALSO- Astra Tech upgraded its Botim brand this year to offer several fintech solutions, diversifying into a superapp. The company launched Botim Payroll Solution, which it billed as the UAE’s first fully digital payroll and wallet solution for SMEs. The company also introduced a send now and pay later remittance service and integrated National Bonds investment services into its app. The firm also recently snagged the number one spot in LinkedIn’s top UAE startups 2024 list.