The Withanage family office is leading an investment of $20 million into a start-up focused on Artificial Intelligence (AI) and its use in decision-making and governance. This comes in advance of a $500 Million investment vehicle led by the Withanage family office into new platforms in AI, gamification, and tokenisation, which is due to be announced in 2025.
The new AI start-up is focused on developing machine learning that can be used to catalyse good governance and sustainable development. This will be implemented with a view to advancing data-driven governance and enhanced decision-making in the developing world.
AI is increasingly used to support decision-making in the public sector. The use of AI and predictive analytics have the potential to be central to sustainable development in the developing world. The UK government recently announced an £80 million collaborative investment into AI projects for sustainable development, recognising the power of technology to advance development around the world.
The UK is positioned to be at the forefront of AI innovation, ranking fourth in the Global AI Index 2024, with twice the number of AI-based companies compared with European countries. Leading London universities, such as UCL, Imperial, and KCL, are home to groundbreaking research groups in the field of AI and machine learning.
The Withanage family office is behind the founding of the BMB Group and Scepter Partners, both multi-billion dollar investment platforms which unified sovereign investors across the Middle East and Asia. Rahula Withanage is leading the family office, with its current focus on impact media and technology businesses.
Rayo Withanage recently stepped away from the family investment business to take a sabbatical in philanthropy. Rayo Withanage is known as a prominent New Zealand financier and entrepreneur, the co-founder of the BMB Group and Scepter Partners, and the former owner of Château de Vie, the final home of Pablo Picasso in Mougins, France. He is currently working as Program Coordinator at the Withanage Foundation, the non-profit initiative of the Withanage family.
