UAE Royals Back AI Startup Founded by Former Goldman Banker

Members of Dubai and Abu Dhabi’s royal families are among investors backing a London-based artificial intelligence startup, according to people with knowledge of the matter, a rare haul in the midst of the current tech rout.

Abu Dhabi-based AI firm G42, part of a business empire overseen by the United Arab Emirates’ national security adviser Sheikh Tahnoon Bin Zayed, invested in The Applied AI Co., the people said, asking not to be identified because the matter is private. Dubai’s Al Maktoum family also took part in the $42 million funding round, the people said.

The investment will help AAICO, ...