Venturewave Capital Invests in UAE AI Start-up AIREV to Accelerate Global Expansion of Agentic AI Platform
Abu Dhabi, 15 April 2024 – AIREV, one of the fastest-growing AI companies in the Gulf region, has secured a strategic investment from Ireland-based venture private equity firm Venturewave Capital. The funding forms part of AIREV’s Series A round. It will support the company’s rapid international expansion and continued development of its flagship product, On-Demand — one of the world’s first agentic AI operating systems.
Venturewave Capital, which invests across asset classes in Europe, the US, ASEAN, and the Middle East, will play a key role in enabling AIREV’s expansion from its base in the UAE into new international markets, with Ireland as a strategic partner.
Backed by Core42, a G42 company, AIREV has already surpassed 4 million AI-first users worldwide. Its On-Demand platform is designed to power the post-AGI/ASI (Artificial General Intelligence / Artificial Super Intelligence) economy by enabling developers and enterprises to create highly personalised AI applications. On-Demand connects large language models with hundreds of intelligent agents and tools, effectively functioning as an “App Store for AI” with unmatched levels of optimisation and enterprise-grade integration.
AIREV has existing commercial agreements with Panchea (computer systems and components supplier) and AIdeology (an Nvidia Elite Partner), and is engaged in ongoing commercial and R&D discussions with several Fortune 500 semiconductor and systems companies. The platform is already in use by over 60,000 developers, offering inference access to models from OpenAI, Google Gemini, Meta Llama, and the Arabic-focused Jais model developed by Inception (G42).
The system supports seamless integration with major enterprise platforms, including Salesforce, SAP, and Microsoft Dynamics. It enables hardware providers to monetise their infrastructure by linking computational activity to revenue — a transformative model in the AI infrastructure space.
The investment signing was witnessed by H.E. Dr. Thani Al Zeyoudi, UAE Minister for Foreign Trade, and Minister Niamh Smyth TD, Ireland’s Minister for Trade Promotion, AI and Digital Transformation.
“Venturewave Capital’s investment in AIREV highlights Ireland’s role as a global connector in frontier technology. AIREV’s work demonstrates how AI can transcend sectors from education to healthcare,” said Minister Smyth.
Muhammad Khalid, Founder and CEO of AIREV, commented:
“On-Demand allows companies to build AI on their terms — faster, easier, and more affordably. Venturewave Capital recognised the platform’s potential to disrupt global markets. Our young, dynamic team is committed to shaping the future of enterprise AI, and this partnership positions us to scale globally with strong strategic backing.”
Alan Foy, Executive Chairman and Founder of Venturewave Capital, added:
“We are proud to back AIREV — an ambitious and visionary AI company developing truly transformative technology. This investment supports our mission of empowering purpose-driven innovation and impact across global markets. AIREV is pioneering solutions that expand human potential while solving real-world challenges across healthcare, education, and sustainability.”
About AIREV
Founded in 2023 by Muhammad Khalid (CEO), Dr. Youssef Youssef (COO), and Kayaan Unwalla (CSO), AIREV is a UAE-based next-generation AI company building infrastructure for the post-AGI world. It is part of Microsoft’s Startups Founders Hub and the Nvidia Inception program, with On-Demand deployed entirely on Microsoft Azure. The company also operates a viral, AI-driven edtech platform called School Hack.
