Venturewave Capital Invests in AIREV to Accelerate Global AI Expansion
Abu Dhabi, 15 April 2024 – UAE-based artificial intelligence company AIREV has secured a strategic investment from Irish venture private equity firm Venturewave Capital as part of its Series A funding round. The capital will support the expansion of On-Demand, one of the world’s first AI operating systems, from its base in the UAE into global markets, including Ireland.
Transforming Infrastructure Monetisation Through Agentic AI
AIREV’s flagship platform, On-Demand, enables companies to build and deploy custom AI applications by combining the world’s top large language models with over 300 intelligent agents and AI tools. Already adopted by more than 60,000 users, the system integrates with models from OpenAI, Google’s Gemini, Meta’s Llama, and Jais, developed by Inception, a G42 company.
It also connects with leading ERP and CRM systems, including Salesforce, SAP, and Microsoft Dynamics. Running on any hardware system, On-Demand allows infrastructure providers to monetise usage by linking computational activity to revenue – a significant breakthrough in AI infrastructure scalability.
Strategic Backing from Ireland and the UAE
The funding agreement was signed in the presence of HE Dr Thani Al Zeyoudi, UAE Minister for Foreign Trade, and HE 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 connector of global tech innovation,” said Minister Smyth. “AIREV’s work in artificial intelligence – from education to healthcare – exemplifies technology’s power to transcend markets.”
AIREV’s Vision: Accessible, Personalised AI for All
Muhammad Khalid, AIREV’s Founder and CEO, described On-Demand as:
“An App Store for AI – but with unseen levels of optimisation and personalisation. With On-Demand, businesses can create the right AI for them – quickly, easily, and affordably.”
“Venturewave Capital recognised that our young, agile team can build a globally disruptive product,” he added. “We’re excited to expand our community and reach with this partnership.”
Venturewave Capital’s Perspective on the Partnership
Alan Foy, Executive Chairman and Founder of Venturewave, commented:
“We are delighted to finalise this strategic investment in AIREV, a UAE-based AI company rapidly emerging as a global leader in transformative AI solutions. AIREV is developing technologies that expand human potential and address critical challenges across education, healthcare, and energy. Their global expansion from the UAE in partnership with Ireland is a powerful model for international innovation.”
AIREV’s Rapid Rise and Global Ecosystem
Formed in 2023 by Muhammad Khalid (CEO), Dr Youssef Youssef (COO), and Kayaan Unwalla (CSO), AIREV has grown rapidly in both user adoption and global partnerships. The company is:
- Backed by Core42, a G42 company
- Part of Microsoft for Startups
- Enrolled in NVIDIA Inception
- Built entirely on Microsoft Azure infrastructure
In addition to On-Demand, AIREV is the creator of next-generation ventures such as School Hack, a viral edtech platform.
About AIREV
AIREV is a next-generation AI company based in the UAE, focused on building accessible, scalable, and transformative artificial intelligence products. Its flagship product, On-Demand, is a first-of-its-kind agentic AI operating system designed to democratise advanced AI use across sectors and geographies.
About Venturewave Capital
Venturewave Capital is an impact-driven venture private equity firm headquartered in Ireland. The firm invests in high-growth businesses that create scalable, purpose-led technologies addressing global challenges.
