US fund taps Pakistani tech duo with $10mn to lead startup investment initiative
The JR Dallas Tech Fund has announced $10 million investment to Pakistani technology leaders Mehwish Salman Ali and Malik Mudassir, entrusting them to inject the fund into exclusive US-focused startup investment initiatives, Business Recorder learnt on Friday.
'Under this landmark agreement, Ali and Mudassir will receive $10 million in dedicated capital to identify, evaluate, and invest in high-potential startups planning to scale operations in the United States. The duo will serve as lead investment partners with full authority to deploy capital across artificial intelligence (AI), cloud computing, digital health, and frontier technology ventures,' a press statement read.
'We are entrusting $10 million to two of the most visionary technology leaders of our generation,' said Jehangir A. Raja, Managing Partner at JR Dallas Tech Fund, which is the premier private investment arm of the US-based JR Dallas Wealth Management.
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The two Pakistani technology leaders are running their offices in Karachi and Lahore. They represent 'perfect combination of technical expertise, entrepreneurial success, and strategic vision needed to identify the next generation of game-changing startups ready to conquer the American market,' Raja added.
Mehwish Ali is a founding CEO of Data Vault that is claimed to be Pakistan's first solar-powered and quantum-encrypted AI data center. She is a co-founder of Zahanat AI, the country's first indigenous GPT model, and COO of AppsGenii Technologies. She is a TEDx speaker and Forbes Technology Council member.
Mudassir is founding CEO of AppsGenii Technologies, operating across the US, UK, and Pakistan. He is a co-founder of ventures including GharPar, BoxesGen, and Dental Connect. He is also a member of the Central Executive Committee at P@SHA (Pakistan Software Houses Association).
According to the statement, the $10 million fund operates under a rigorous investment framework designed to maximise both financial returns and economic impact.
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The investment is targeted to be in the range of $250,000 to $1.5 million per startup. The investment should be focused in the sectors like AI/machine learning, cloud infrastructure, digital health, quantum computing and cybersecurity.
The investor is aimed at investing the entire fund into 15-20 select companies over a period of two-year in the US-focused projects.
The funding is projected to enable portfolio companies to create direct jobs, generating 300-500 high-skilled technology positions within 24 months.
Strengthening Texas as a hub for international tech talent entering the US market. Accelerating breakthrough technologies in AI, healthcare, and cloud infrastructure. 'Portfolio companies (are) projected to contribute $50-100 million in US economic activity within three years,' the statement read.
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