The United Arab Emirates (UAE)-based blockchain and artificial intelligence (AI) company, Capstone Technology, recently secured $5.45 million (Dh20 million) in its initial funding round. The funds will support the development of the GAYA blockchain project.

According to a statement, the project aims to build not only a blockchain system but also a network for entrepreneurial projects in areas such as gaming, AI, and entertainment. The broader goal is to provide innovative solutions that support a sustainable digital economy.

Commenting on his company’s successful capital raise, Abdullah Al-Mousa Al-Maksour, CEO of Capstone Technology Group, said:

The new project represents a strategic step towards an entrepreneurial environment based on using the latest technology to empower a new generation of entrepreneurs and tap new horizons for sustainable growth.

To achieve these goals, Al-Maksour said Capstone Technology will prioritize managing technological assets and developing Web3-focused applications in partnership with emerging entrepreneurs. Additionally, Capstone Technology will use these investments to expand its regional presence, enhance its platform, and increase benefits for its customers.

Furthermore, the CEO stated that dedicating the new funding to supporting the adoption of blockchain among entrepreneurs aligns with the UAE’s digital economy vision.

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