MARKET MOVEMENT
UAE AI start-up AIREV secures investment from Ireland’ s Venturewave Capital
AIREV, the UAE Artificial Intelligence start-up, has secured investment from Irish-based venture private equity firm Venturewave Capital. The capital injection will be deployed to support AIREV’ s rapid growth trajectory as it scales one of the world’ s first AI operating systems – On-Demand.
The deal with Venturewave Capital, which is active across diverse asset classes in Europe, US, ASEAN and the Middle East, will enable On Demand to access new opportunities and specifically expand to new market territories from UAE and Ireland.
The signing of the funding agreement was witnessed by HE Dr Thani Al Zeyoudi, UAE Minister for Foreign Trade, and HE Niamh Smyth TD, Ireland’ s Minister for Trade Promotion, AI and Digital Transformation.
With over 4 million AI-first users worldwide, and backed by Core 42, a G42 company, AIREV continues to refine its revolutionary agentic AI Operating System, On-Demand. Designed to power the post- Artificial General Intelligence, Artificial Super Intelligence economic shift, On- Demand allows users to build their own AI applications by combining the world’ s large language models with hundreds of agents and AI tools.
The platform democratises advanced AI technology, simplifying the user experience, and empowering rapid innovation in generative AI products.
AIREV already has commercial deployment agreements with computer systems and components supplier Panchea and AI systems and technology solutions provider AIdeology, an Nvidia Elite Partner, and is in commercial and R & D discussions with Fortune 500 semiconductor companies.
Over 60,000 users have already adopted the new platform, which offers access to inference capabilities across models, including those from OpenAI, Google’ s Gemini, Meta’ s Llama, and Arabic language model Jais – developed by Inception, a G42 company. Over 300 specialised agents are available on its marketplace, and the site also seamlessly integrates with major ERP and CRM systems like Salesforce, SAP, and Microsoft Dynamics.
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IFS achieves a valuation of over EUR 15 billion following pivot to AI-driven growth
Mark Moffat
IFS, a provider of cloud enterprise software and Industrial AI applications, announces it has achieved a valuation of over EUR 15 billion following a significant pivot to AI-driven growth. The valuation comes as Hg increases its stake to become a co-control shareholder alongside
EQT, with TA Associates remaining as minority shareholder.
New minority shareholders also include a wholly-owned subsidiary of the Abu Dhabi Investment Authority and the Canada Pension Plan Investment Board. Hg and the new investors are acquiring shares in IFS from EQT, which is selling through its EQT VIII and EQT IX funds, as well as from TA and other minority investors.
The transaction follows many successful years of growth for IFS, delivering more than EUR 1 billion in annual recurring revenue last year. Total revenue for 2024 was over EUR 1.2 billion, with some of the world’ s largest industrial companies choosing IFS over legacy vendors.
Demand for IFS’ s industrial AI capabilities has increased significantly over the past 12 months as organisations across IFS’ s focus industries of Aerospace and Defence,
Engineering and Construction, Energy and Utilities, Manufacturing, Telco and Service, continue to realise the rapid and transformative value that IFS. ai delivers.
Over the past year, IFS added 350 new customers including Exelon who adopted IFS to streamline asset maintenance across its energy grid, Rolls-Royce who is using IFS to transform service delivery of its Power Systems business, and Total Energies who is deploying IFS as the single platform for management and servicing of its global operated asset portfolio.
Mark Moffat, CEO IFS, said:“ We have a differentiated proposition that continues to drive momentum in the industrial setting, specifically with the agentic and generative capabilities of IFS. ai, which enables us to be the technology of choice for the businesses that service, power and protect our planet.”
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