Dubai-based robotics and autonomous technology startup Micropolis has raised $4 million in a new investment round led by San Francisco-based venture capital firm Mindrock Capital.
The funding will help the company advance its core technology and expand its product portfolio. It will be used to accelerate commercial production capacity, improve research and development activities and fund new business development strategies, the startup said.
“Receiving this funding demonstrates the confidence of stakeholders and investors in the advanced solutions and technologies offered by the company in the areas of AI. [artificial technology] and robotics,” said Egor Romanyuk, Managing Director of Micropolis.
“This investment will enhance the company’s plans and portfolio of projects designed to develop autonomous vehicles, which will impact operations in various key industries.”
Established in 2014 in Dubai Internet City, Micropolis aims to be a major contributor to the UAE Government’s technology-focused initiatives, particularly those aimed at achieving the goals of the country’s AI strategy.
In November, the United Arab Emirates approved a temporary license to test self-driving vehicles on the country’s roads, after the plan was cleared by Cabinet.
The Emirates plans to make 25% of transport autonomous by 2030, a move that began in 2016.
In 2019, Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, issued a directive to regulate the testing of self-driving vehicles in the emirate.
A fleet of driverless shuttles was tested in Sharjah last year.
“We also support the strategy of the Ministry of Industry and Advanced Technologies, 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 audio-visual vehicles and scaling up R&D efforts in the area of AI,” said Romanyuk.
Micropolis specializes in the design, development and manufacture of autonomous utility robots. He intends to bring industry flows to the region so that he can eventually build the high-tech product in the Emirates.
“We are always on the lookout for new investment opportunities, especially those where we are able to leverage our industry-specific experience to enhance growth,” said Grigorii Trubkin, managing partner at Mindrock Capital.
“Having a good number of unicorns in our portfolio, we know exactly what needs to be done for our portfolio companies to reach this milestone…we believe that Micropolis has enormous growth potential and will become one of the future pioneers of the audiovisual industry.
Updated: February 15, 2022, 5:16 p.m.