Abu Dhabi’s MGX co-leads $30 billion funding round in AI startup Anthropic

Abu Dhabi tech investor MGX co-led a $30 billion funding round in U.S. firm Anthropic, the maker of the Claude AI chatbot.

The deal, led by Singapore’s sovereign wealth fund GIC and Coatue Management, roughly doubled Anthropic’s valuation to $380 billion.

Anthropic, founded in 2021, has rapidly grown its revenue run rate to $14 billion, focusing on safer AI applications for sectors like finance, healthcare, and software.

MGX, which was set up less than two years ago with support from Mubadala and tech conglomerate G42, has been expanding its U.S. tech footprint, including stakes in OpenAI and Elon Musk’s xAI, and participation in a $40 billion acquisition of Aligned Data Centres.

Sam Altman approaches Gulf funds for OpenAI expansion

OpenAI has been courting Middle Eastern investors, including Abu Dhabi’s sovereign wealth funds, as it prepares to raise as much as $50 billion in its latest funding round.

CEO Sam Altman recently visited the region to meet with top investors, Bloomberg reports.

The ChatGTP maker, which has previously received backing from Abu Dhabi tech investor MGX and is partnering with G42 to build the huge Starlink data center in the emirate, is seeking funds at a valuation of about $750 billion to $830 billion.

It comes as competitor Anthropic, which is backed by the Qatar Investment Authority, is also in talks to raise more funds.

Mubadala backs Anaconda in $150 million funding round

Abu Dhabi’s Mubadala Capital was among the investors in a $150 million funding round for U.S.-based AI startup Anaconda, which valued the company at about $1.5 billion.

Anaconda’s open-source platform provides secure versions of Python-based coding packages used by businesses to build and run AI systems.

The Series C funding round, led by Insight Partners, will accelerate global expansion and new AI features, while giving early employees a chance to cash out.

It comes amid intense competition among enterprise AI software companies, with the Python programming language dominating.

Mubadala’s key AI investments include UAE powerhouse G42 and space tech company Space42.