The investment was through a seed round led by Mindrock Capital.
Dubai, UAE – February 15, 2022: To support the company’s portfolio of current and future projects, Micropolis, the rapidly growing Dubai-based homegrown company focused on the rapidly expanding Robotics and AV industry, has announced a $4 million Seed Round investment led by San Francisco-based venture capital firm, Mindrock Capital.
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.”
“At Micropolis, 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. We also support the Ministry of Industry and Advanced Technology’s strategy, aimed at boosting the UAE’s industrial sector and transforming the UAE into a regional and global hub for future industries, through the development of advanced AVs and intensifying R&D efforts in the field of artificial intelligence,” Romanyuk added.
Managing partner of Mindrock Capital, Grigorii Trubkin stated, “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”.
This investment will be used to accelerate commercial production capabilities, as well as fund R&D and business development.