VirtuE R&D has won backing from Mohamed Hilal Group to expand its reach
Dubai: A startup specializing in AI picked up the first ‘angel’ investments touted through an initiative from Sharjah Research, Technology, and Innovation Park (SRTI Park).
Spain’s VirtuE R&D, which is developing an AI-enabled app for psychology, picked up the investment support from Mohamed Hilal Group (MHG). The latter will help expand its reach beyond the UAE. The collaboration also includes launching an AI-based scientific research hub that focuses on equine‐assisted therapy and developing game-based digital programs to enhance mental health.
The tie up was routed through the Sharjah Angel Investors Network coming under SRTI Park.
According to Mohamed Hilal, CEO of MHG, “Our new investment reflects our commitment to attracting quality investments, especially in future sectors, owing to the importance of healthcare and psychology in maintaining the solidness of our community and economy.
“We aspire that the value of the Spanish company, with which our group has signed a four-year investment agreement, to reach Dh3 billion to Dh4 billion and to go global through Sharjah.”