Presight Acquires AIQ to Lead AI Innovation in Energy Sector

Dubai, UAE - May 7, 2024- In a move poised to revolutionize AI solutions for the global energy industry, Presight, a leading big data analytics company powered by generative AI, announced the acquisition of a controlling stake in AIQ, the AI for Energy joint venture established by ADNOC and G42.

This strategic partnership leverages the strengths of both entities. Presight brings its expertise in big data analytics, generative AI, and supercomputing, while AIQ boasts a proven track record of developing breakthrough AI-powered solutions specifically designed for the energy sector.

This acquisition marks a significant expansion for Presight, opening the door to the vast potential of the energy sector. AIQ's suite of over 20 AI tools and 16 filed patents has demonstrably driven efficiency and unlocked value for ADNOC. With ADNOC continuing to be a key customer, Presight anticipates the energy sector to become its second-largest revenue contributor in 2024.

"This announcement signifies the collaboration of two UAE technology leaders, poised for global growth, " said H. E Mansoor Al Mansoori, Chairman of Presight. He highlighted the valuable addition of the AIQ team and the leadership of Dr. Sultan Ahmed Al Jaber, who will chair the AIQ board. "With the combined forces of ADNOC, existing shareholders like IHC and G42, we are confident in turbocharging AI solutions for the energy sector and driving positive societal change. "

Presight CEO Thomas Pramotedham echoed this sentiment, emphasizing the significance of the acquisition. "This move adds another high-profile sector to our portfolio while bringing our generative AI capabilities to AIQ and the global energy industry, " he stated. "We are committed to creating a safer, healthier, and more sustainable future through AI problem-solving. "

As part of the deal, ADNOC retains a 49% stake in AIQ and acquires a minority shareholding in Presight, demonstrating confidence in Presight's vision and success. This collaboration positions Presight and AIQ as frontrunners in developing and deploying cutting-edge AI solutions that will transform the energy sector.