Shulou(Shulou.com)11/24 Report--

CTOnews.com March 15, Bloomberg quoted people familiar with the matter as saying that G42, an artificial intelligence company based in Abu Dhabi, the capital of the United Arab Emirates, bought Byte Jump shares for more than $100 million through private market investment, which is currently valued at $220 billion (CTOnews.com Note: about 1.51 trillion yuan).

The G42, controlled by Sheikh Tanoun Ben Zayed Al-Nahayan (Sheikh Tahnoon bin Zayed Al Nahyan), a member of the UAE royal family, has acquired more than $100m of private equity shares from existing investors through its 42XFund in recent months, before another fund bought byte beats at a valuation of $225 billion, according to people familiar with the matter.

However, some people close to byte beat told all-weather technology that there are no new financing behaviors and plans at the company level in the near future.

According to reports, Sheikh Tanoun has a wide portfolio through the G42, ranging from cloud computing to vaccines to driverless cars. Last year, he founded 42XFund, an artificial intelligence company, for $10 billion, giving him more financial support to invest in technology companies in emerging markets.

It is worth mentioning that the company recently hired Jason Hu, a former head of investment at JD.com, to oversee expansion in Asia. A G42 spokesman said the 42X fund had hired 10 investment professionals in Shanghai, Singapore and Jakarta, but declined to elaborate further.

According to Hu Ningfeng's LinkedIn profile, he joined JD.com in 2019 and previously served as managing director of CDH Investments and managing partner of Kaihui private equity fund. Early in his career, he also worked as a consultant at Bain.

Bloomberg believes the Middle Eastern company may have set its sights on the long-term potential of byte jumps as the tech giant continues to rise in a repressive environment.

Since the debut of ChatGPT, people's enthusiasm for AI has also become increasingly high, and Byte Jump even pioneered innovative algorithms in the field of AI as early as a decade ago, thus fascinating them with the most attractive content. A representative for 42XFund declined to comment. The byte-bouncing spokesman didn't immediately respond to a request for comment.

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