Abu Dhabi-based BlueFive Capital has closed its $3 billion Onyx Fund I, aiming to invest in artificial intelligence, biotechnology, and advanced computing startups primarily across the US and Europe. The fund’s launch marks a significant entry from the Gulf region into global technology and biotech innovation funding. Registered with the Abu Dhabi Global Market, the Onyx Fund is anchored by sovereign capital from various Gulf entities, highlighting a growing regional interest in cutting-edge technology sectors.
BlueFive’s founder and CEO, Hazem Ben-Gacem, emphasized the fund’s focus on investing at critical inflection points where computational and biological intelligence intersect, underscoring the firm’s strategy to support growth-stage companies that are driving transformative advancements. The choice of Abu Dhabi Global Market as the fund’s regulatory base reflects the firm’s intent to maintain a globally focused investment approach while leveraging the market’s favorable regulatory environment.
The Onyx Fund will seek out compelling opportunities in AI and biotech, sectors where capital demand is rising rapidly as companies push the boundaries of technology to revolutionize healthcare, data analytics, and automation. This development is notable for expanding the geographic and capital reach of innovation financing, potentially accelerating technological breakthroughs by connecting Gulf sovereign wealth with promising startups in western innovation hubs.
