Hub71, Abu Dhabi’s technology startup hub, has selected 40 startups for its 19th cohort, its largest intake to date, after receiving a record 2,502 applications from 117 countries.
The selected startups have raised a combined $296 million (AED1.09 billion), up 29% from Cohort 18, Hub71 said in a statement on Thursday.
The acceptance rate was 1.6%. The founders come from 14 countries, and 88% of the startups are joining from international markets.
Six of the companies are at Series A stage, up from two in the previous cohort. Hub71 said 90% of the selected startups use AI at the core of their technology.
Tracks
All 40 startups join Hub71’s 12-month Access Programme, which offers up to AED500,000 in incentives. Twelve are in the sector-agnostic track and 19 are in the hub’s digital assets, climate technology and life sciences programs.
Six were selected through Anjal Z, a program run with the Abu Dhabi Early Childhood Authority. The remaining three are the first to join through a new pathway into Abu Dhabi’s Smart and Autonomous Vehicles Industry cluster.
The companies joining include UK-based TurinTech AI, which has raised $15 million, and US-based Avesta 76 Therapeutics, which has secured $40 million, including $35 million in non-dilutive funding.
Switzerland-based Amantrue has raised $35.6 million, and Emirati-founded Mosadad, which processes motor accident claims for insurers, raised $540,000 in pre-seed funding.
“Cohort 19 reflects the growing depth and maturity of the companies joining Hub71,” said Ahmad Ali Alwan, chief executive officer of Hub71.
With the new intake, Hub71’s community now includes 644 startups.
