Latest news with #MehwishSalmanAli
Express Tribune
4 days ago
- Business
- Express Tribune
US fund commits $10m to Pakistani startups
Listen to article A US tech fund has committed $10 million to two Pakistani IT entrepreneurs and IT experts have praised this move as it looks promising for the future. Tech analyst and expert Muhammad Yasir said that Pakistani IT firms are penetrating different traditional and non-traditional markets with their innovative products and services, which is a positive sign. Attracting investments from US-based companies will not only boost business growth and expansion of Pakistani IT companies but it will also improve the image of the country in the relevant sector, opening doors for other companies in high-end markets such as the US and EU. Pakistani IT companies need to reach more similar investors and venture capitalists in major traditional markets like the US, EU and non-traditional markets like the UAE and Saudi Arabia to expedite the overall growth of Pakistani IT exports and expansion. JR Dallas Tech Fund, the premier private investment arm of JR Dallas Wealth Management, announced a groundbreaking $10 million commitment to globally recognised technology leaders Mehwish Salman Ali and Malik Mudassir to spearhead an exclusive US-focused startup investment initiative. Under this landmark agreement, Mehwish Salman Ali and Malik Mudassir will receive $10 million in dedicated capital to identify, evaluate, and invest in high-potential startups planning to scale operations in the US. The duo will serve as lead investment partners with full authority to deploy capital across artificial intelligence, cloud computing, digital health, and frontier technology ventures. "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. "Mehwish and Malik represent the 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." This $10 million commitment specifically targets startups with proven capabilities seeking to establish or expand operations within the US, creating a direct pathway for international innovation to contribute to American economic growth. The investment is likely to generate positive economic impacts as these companies are expected to generate 300-500 high-skilled technology positions within 24 months. Portfolio companies are projected to contribute $50-100 million in US economic activity within three years and accelerate breakthrough technologies in AI, healthcare, and cloud infrastructure. Mehwish Salman Ali brings unparalleled expertise as Founder & CEO of Data Vault, Pakistan's first solar-powered and quantum-encrypted AI data centre, Co-Founder of Zahanat AI, the country's first indigenous GPT model, and COO of AppsGenii Technologies. Malik Mudassir commands respect as Founder & CEO of AppsGenii Technologies, operating across the US, UK, and Pakistan, and Co-Founder of multiple successful ventures including GharPar, BoxesGen, and Dental Connect. The $10 million fund operates under a rigorous investment framework designed to maximise both financial returns and economic impact: "Receiving this $10 million commitment from JR Dallas Tech Fund represents more than capital; it's a mandate to bridge the gap between global innovation and American market opportunity," said Mehwish Salman Ali. "We are committed to identifying startups that not only promise exceptional returns but also contribute meaningfully to US technological leadership." Malik Mudassir added, "This $10 million investment enables us to support visionary entrepreneurs who understand that scaling in America requires more than great technology it demands deep market insight, operational excellence, and strategic partnership. We're here to provide all three."
Business Recorder
4 days ago
- Business
- Business Recorder
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. Forbes Technology Council: Pakistani-origin Mehwish selected as member 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. Startup Neem enters logistics space with Leopards Courier Services partnership 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.
Arab News
4 days ago
- Business
- Arab News
US fund commits $10 million for startup investment initiative led by Pakistani tech leaders
ISLAMABAD: The JR Dallas Tech Fund on Friday announced a 'groundbreaking' $10 million commitment to globally recognized technology leaders, Pakistan's Mehwish Salman Ali and Malik Mudassir, to spearhead an exclusive US-focused startup investment initiative. Under the 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, cloud computing, digital health, and frontier technology ventures. '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. 'Mehwish and Malik represent the 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.' According to the statement by JR Dallas, economic impact projections of the funding include direct job creation, with portfolio companies expected to generate 300-500 high-skilled technology positions within 24 months. The target investment range is $250,000 to $1.5 million per startup and focus areas are AI/Machine Learning, Cloud Infrastructure, Digital Health, Quantum Computing, Cybersecurity. The portfolio size will be 15-20 carefully selected companies over 24 months. The commitment will also strengthen Texas as a hub for international tech talent entering the US market and accelerate breakthrough technologies in AI, health care, and cloud infrastructure. Portfolio companies are also projected to contribute $50-100 million in US economic activity within three years. Ali is the founder and CEO of Data Vault, Pakistan's first solar-powered and quantum-encrypted AI data center, co-founder of Zahanat AI, the country's first indigenous GPT model, and COO of AppsGenii Technologies. As a TEDx speaker and Forbes Technology Council member, Ali's track record in AI innovation, cybersecurity, and operational excellence 'makes her uniquely qualified to identify transformative technologies ready for US market expansion,' JR Dallas said. Mudassir is the founder & CEO of AppsGenii Technologies, operating across the US, UK, and Pakistan, and co-founder of multiple successful ventures including GharPar, BoxesGen, and Dental Connect. He is also a Central Executive Committee Member at P@SHA, Pakistan's largest IT trade association.
Express Tribune
17-04-2025
- Business
- Express Tribune
IT exports surge by 23% in Q3FY2025
Listen to article Pakistan's IT sector maintained its handsome export growth, showing an increase of 23% year-on-year by the end of the third quarter of the current financial year as compared to the corresponding period of the last financial year. According to the statistics updated by the State Bank of Pakistan (SBP), export receipts of IT and IT-enabled services surged to $2.828 billion during the period of January to March as compared to $2.284 billion reported in a similar period of the last financial year. Mehwish Salman Ali, an IT exporter and CEO of Datavault, said that the IT sector maintained its export growth gradually due to the aggressive strategy of the Ministry of IT and Telecommunication (MoITT) to promote an export-oriented policy. She said that IT companies in Pakistan are now focusing on enhancing exports to traditional markets of the North American and European regions as well as emerging markets, including the Kingdom of Saudi Arabia, the United Arab Emirates, and other GCC countries to attract new buyers and export orders. Pakistan IT companies should concentrate on emerging technologies to book big-ticket orders across the globe through collaboration and joint ventures with national and foreign companies, she added. The government took a few steps to facilitate IT exports a few months ago, which resulted in growth in inflows of monthly export values. In March 2025, export receipts of IT and IT-enabled services surged to $342 million as compared to $305 million reported in the previous month of February 2025. Saad Shah, an IT exporter and CEO of Hexalyze, said that Pakistani IT companies should diversify their exports to the emerging markets of the GCC and ASEAN regions with immense potential to attract business in automation, enterprise resource planning, artificial intelligence, fintech, gaming, cybersecurity, and etc. Pakistan should penetrate the GCC markets, mainly the KSA and UAE, as the group of companies having multiple strengths and expertise under one umbrella to share export orders of state-owned companies and major private conglomerates. Besides, IT companies should invest in human resources within Pakistan and GCC countries to meet the requirements of foreign clients, he added. It is pertinent to mention Pakistan made its stellar presence in LEAP 2025 held in Riyadh with more than 100 companies showcasing their products, services, and solutions. The Pakistani IT industry also set a target to double its exports to the KSA to $50 million on an annual basis.
Express Tribune
19-02-2025
- Business
- Express Tribune
With policy support, IT exports surge above $2b
In the age of information technology, such initiatives are very important and necessary to promote the culture of research amongst students, according to the Sindh governor. PHOTO: AFP Pakistan's information technology (IT) exports continued their upward trajectory, surging above $2 billion due to consistent penetration of local industry into foreign markets with active support from government measures and policies. According to the State Bank of Pakistan (SBP), exports of IT and IT-enabled services surged to $2.17 billion in seven months (Jul-Jan) of the current financial year as compared with exports of $1.72 billion in the same period of last year, showing a double-digit growth of 27%. The jump in IT exports comes in the wake of a growing client base globally of Pakistani IT companies, especially in the Gulf Cooperation Council (GCC) region, relaxation in the permissible retention limit by the SBP, which increased it from 35% to 50% for the Exporters' Specialised Foreign Currency Accounts, permission for equity investment abroad through these foreign currency accounts and stability of the Pakistani rupee that encouraged IT exporters to bring a higher proportion of profits back to Pakistan. Pakistan Software Houses Association (P@SHA) Senior Vice Chairman Muhammad Umair Nizam said the continued momentum in Pakistan's IT exports reflected the strength and global competitiveness of the IT sector. This success is driven by the expanding client base of Pakistani IT firms, particularly in the GCC region, as well as key policy measures, including the increase in the permissible retention limit and the introduction of overseas equity investment. IT exporters acknowledge the vital role played by the Special Investment Facilitation Council (SIFC), the Ministry of IT and Telecommunication and the Pakistan Software Export Board (PSEB) in supporting the sector. Their initiatives have provided much-needed policy stability, improved regulatory frameworks and facilitated investment opportunities for IT companies. However, it is crucial that policy decisions are made in close consultation with P@SHA and industry stakeholders to ensure that they address real challenges and maximise relief for exporters, he said. He urged the government to continue prioritising industry-friendly policies to enable Pakistan to emerge as a leading technology hub. Exports in January 2025 stood at $313 million, higher than the last 12-month average of $303 million. This is the 16th consecutive month of year-on-year (YoY) growth in IT exports, starting from October 2023. Pakistani IT companies are active in engaging with global clients through participation in trade fairs such as Oslo Innovation Week and Pak-US Tech Investment Conference. IT exporter Mehwish Salman Ali said IT companies should explore emerging markets in innovative fields including AI, data storage, cybersecurity and the like to win handsome orders. A host of countries, including the US, Saudi Arabia and the United Arab Emirates, have come up with better investment plans for AI projects, which should be focused by Pakistani companies and the government, she said. IT exporters should also work on the capacity building of human resources in emerging fields through skill development programmes in collaboration with universities and software houses, Mehwish Salman Ali, who is the CEO of Datavault, said. Analysts of Topline Securities forecast that the IT sector would continue its growth trajectory and momentum with likely growth of 10-15% in FY25 to $3.5-3.7 billion.
