Yahoo Finance DNEG Raises $200M From Abu-Dhabi Investment Firm United Al Saqer Group To Accelerate AI Drive
London-based The DNEG Group has secured a $200M capital injection from Abu Dhabi investment firm United Al Saqer Group (UASG), in move it says gives it a value in excess of $2B.
The UK-Indian company said the new funds would be used to accelerate the group’s strategy of innovation and diversification and plan to become a sector-agnostic content production and AI-powered technology partner.
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Next steps in this strategy will be the full activation of technology division Brahma, which is developing an AI-powered, photo-real CGI creator, including Ziva, for which DNEG recently acquired the exclusive license from Unity.
“My career has been built on investing in and leading visual creativity with technology. Our partnership with UASG, the launch of Brahma, and the success of our content creation platform are all being fuelled by the power of our technology. We are redefining our business model as a leader in top-end solutions across the world, raising the bar in storytelling by using the latest technology and creative capabilities,” said DNEG Chairman and CEO Namit Malhotra.
Alongside Brahma, the DNEG Group’s other companies include VFX and digital animation specialist DNEG, known for its high-profile work on movies such as Dune, Oppenheimer, Interstellar, Tenet and Blade Runner 2049; IP investment and development arm Prime Focus Studios, which was a partner on The Garfield Movie, and is currently co-producing high-profile feature films, including Animal Friends, Indian epic Ramayana, and The Angry Birds Movie 3, and Prime Focus Technologies, which is focused on cloud-based software and AI technology.
The company said that the $200M investment would also Prime Focus Studios to expand its involvement in the production of high-quality content, following its recent successful co-production of The Garfield Movie.
In further related developments, The DNEG Group said it will also open a new office and visual experience hub in Abu Dhabi, “with plans to develop a world class ecosystem in the Middle East for content production, storage, and distribution”.
Malhotra will continue in his current role.
He will be joined on the Group’s Board of Directors by Nabil Kobeissi and Edouard Zard from UASG, and by Prabhu Narasimhan from NaMa Capital, a leading investor in The DNEG Group, who will also become Executive Chairman of Brahma.
Prabhu Narasimhan will take a leave of absence from NaMa Capital to oversee the launch and expansion of Brahma.
“We are thrilled to join forces with Namit, Prabhu, and the DNEG Group. Namit’s visionary approach to revolutionizing the media and entertainment industry through cutting-edge technology is unparalleled,” said Kobeissi, CEO of UASG.
“This strategic partnership not only turbo-charges the development of Brahma, the Group’s ground-breaking AI-powered CGI creator, but also, under Namit’s leadership, demonstrates Abu Dhabi’s positioning as a global epicenter for content creation and distribution. By championing advanced AI technologies and expanding Prime Focus Studios, we are set to drive innovation and generate significant job opportunities across the UAE.”
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