Intel Capital Invests In Dubai-Based Startup Sphere Networks
Intel Capital, Intel’s investment arm, joined Dubai Silicon Oasis (DSO) by announcing its investment in Sphere Networks, an emerging Dubai-based startup specialising in next generation network management software. This move marks Intel’s first investment in a company based in the Gulf region.
The investment should help Sphere to expand both its technology base, get access to Intel technologies and develop sales and marketing to deliver its products to market. The amount of the investment was not disclosed.
The startup employs a team of 26 people, from different backgrounds, in Dubai; developing enterprise level network management solutions, which are already in use with a number of government customers in the region.
The investment, announced today by Christian Morales, Intel VP Sales & Marketing and General Manager, Europe Middle East and Africa, is part of Intel’s drive to expand its economic, educational and technology-related support across the UAE.
Under this program, Intel continues to increase its investment in four key areas: local entrepreneurship, education, digital accessibility and specialized technical competencies, to help promote technology skills, knowledge transfer and jobs creation in the UAE.
Commenting on the announcement, Morales underlined the importance of fostering innovative, home-grown ideas and noted that today’s news illustrates Intel’s ongoing commitment to collaborate with local players that share the vision of taking entrepreneurial projects to the next level of global competitiveness.
At a press gathering, Feroz Sanaulla, Intel Capital Director, Middle East, Turkey and Africa added: ‘Sphere’s strong involvement with the local channel and their focus on developing UAE designed technology is in line with our long-term drive to endorse local ideas and innovation to advance computing and communications platforms in the UAE.’
Commenting on the occasion, Mohamed Hamedi, CEO and Founder of Sphere Networks said, ‘At Sphere Networks, we constantly look at new ways to provide synergistic tools that allow our customers to manage their networks easily, securely and cost-effectively. The investment by Intel and Dubai Silicon Oasis will help us provide the necessary tools to make our customers’ networks some of the best-run networks in use today.’
Also speaking to the press was Dr Juma Al Matrooshi, Senior Chief Corporate Services Officer at Dubai Silicon Oasis Authority (DSOA), who said: “We believe today’s announcement underlines Dubai Silicon Oasis’ position as one of the premier technology, research and development hubs in the region.
“Technology transfer and collaborations are the order of the day and close collaborations bring people and societies together. We believe this move will reinforce our ongoing commitment to contribute to the country’s overall economic development and the creation of a knowledge-based economy.”
Intel currently works with several local governments, educational institutions, businesses, NGOs, program developers, local businesses, and other groups to expand the use and understanding of technology.
Intel also said it was looking at several other investments in the region, but didn’t disclose any more details at this time.
Cool, congrats to Sphere ! I met Mohamed in Dubai back in April and was impressed by their work. And great to see Intel capital active in the Arab world !
Cool, congrats to Sphere ! I met Mohamed in Dubai back in April and was impressed by their work. And great to see Intel capital active in the Arab world !
I met Mohamed in Dubai last week at Gitex; he was giving a joint presentation with ABAN’s Walid Hanna on how to pitch to investors 😉
I’m really happy for him and his company; and I too think it’s great that Intel Capital is getting involved in the region.
I met Mohamed in Dubai last week at Gitex; he was giving a joint presentation with ABAN’s Walid Hanna on how to pitch to investors 😉
I’m really happy for him and his company; and I too think it’s great that Intel Capital is getting involved in the region.
Thank you all for your support. I know I am not alone in this, and there are many hidden gems of new startups and technology in the region that will soon be discovered.
Thank you all for your support. I know I am not alone in this, and there are many hidden gems of new startups and technology in the region that will soon be discovered.
very cool…congrats to Sphere and Intel for recognizing the region!
very cool…congrats to Sphere and Intel for recognizing the region!
@Mohamed Hamedi: Congrats again for the investment; I wish you all the success and prosperity you truly deserve.
Hopefully, we’ll see more and more startups from the region discovered and supported, both by local and international investors.
@Mohamed Hamedi: Congrats again for the investment; I wish you all the success and prosperity you truly deserve.
Hopefully, we’ll see more and more startups from the region discovered and supported, both by local and international investors.
I got the news that shere network is closing down. How is possible after less then 1 year from Intel Capital investment? What was the investment for?!
Not clear to me.
I got the news that shere network is closing down. How is possible after less then 1 year from Intel Capital investment? What was the investment for?!
Not clear to me.