Abu Dhabi AI firm G42 acquires $100 million stake in ByteDance at $220 billion valuation
Abu Dhabi-based artificial intelligence company G42 has acquired a $100 million-plus stake in Tiktok-parent ByteDance, valuing the company at $220 billion, Bloomberg News reported on Tuesday, citing people familiar with the matter.
Founded in 2018, G42 specializes in artificial intelligence (AI) and cloud computing. Launched in 2018, the company has since grown to become one of the key players in the AI space across the Middle East region.
In 2020, G42 made headlines when it partnered with China’s BGI Group to set up a massive COVID-19 testing laboratory in Abu Dhabi that could process tens of thousands of tests per day. The lab utilized G42’s AI and big data capabilities to enhance the accuracy and efficiency of the testing process.
G42 focuses on developing advanced technologies such as AI, machine learning, and big data analytics, and providing these technologies to various industries such as healthcare, finance, and energy. One of its primary objectives is to accelerate the digital transformation of industries through its AI and cloud computing solutions.
G42 has also established partnerships with several global tech giants such as Amazon Web Services, Google Cloud, and IBM, to leverage their technologies in its solutions. The company has been recognized for its contributions to the development of the AI industry in the UAE and the Middle East and is expected to continue to play a key role in the region’s digital transformation.
ByteDance is the developer of the video-sharing social networking services and apps TikTok and Douyin, the Chinese-specific counterpart to TikTok. The company owns a series of content platforms that enable people to connect with consuming and creating content through machine learning technology.
Founded in 2012 by Zhang Yiming, ByteDance is the developer of the video-sharing social networking services and apps TikTok and Douyin, the Chinese-specific counterpart to TikTok. The company owns a series of content platforms that enable people to connect with consuming and creating content through machine learning technology.
The company has more than 200 million daily active users that spend an hour every day on its products. Bytedance also operates a series of products popular with mobile users around the world, including Topbuzz, Flipagram, and a number of UGC short-form video apps.