KARACHI: Award winning tech startup baseH Technologies, founded by former Pakistani journalist Anis Shaikh raised seed funding at an initial valuation of $4m USD. This is the highest level of initial valuation that a Pakistani startup has achieved in the AI space to date.
The Investor Agreement Signing Ceremony between baseH Technologies and Elahi Group of Companies was held at National Incubation Centre, Karachi on Saturday. Honorable Federal Minister of IT & Telecom, Dr. Khalid Maqbool Siddiqui graced the event as Chief Guest.
“Digital transformation of all functions, companies, communities and economies is an inevitable consequence of 4th Industrial Revolution,” Dr. Khaliq Maqbool Siddiqui Federal Minister for Information Technology said while speaking at the event.
Dr. Maqbool acknowledged that data is the new form of wealth and value. “Data is now being gathered at an unprecedented scale and it is important we develop tools to make sense of the mountains of data. Companies like baseH will scale to all markets and all industries across the world and this is what we need to open up world markets for our technologists,” he added.
“baseH has set a new benchmark for seed stage valuation in Pakistan,” the Federal Minister concluded.
Shahjahan Chaudhary Program Director National Incubation Centre, Karachi said, “We are delighted that BaseH has raised this investment. It’s a great news for National Incubation Centre, Karachi and a even bigger news for the startup ecosystem as it will pave way for more investments in future Insha Allah!”
Elahi Group of Companies (ECG), an emerging conglomerate in Pakistan, has stepped up as an angel investor to fund the development of this cutting-edge AI-startup.
The CEO of ECG, Mr. Danish Elahi said, “We have made an excellent choice in choosing baseH as a strategic investment opportunity for our group. This future unicorn with a truly disruptive technology is at par with global standards and, in many ways, ahead of the industry making its way up to the 4IR.”
He further said, “baseH Technologies caught our eye when it unveiled Dante – The Robo Journalist – and became a global story overnight.”
The co-founders of the company are Anis Uddin Shiekh (CEO), Khurram Schehzad (ED & CSO), Faisal Jalil (ED) Sherjan, and Imran Ahmed Khan (ED & Creative Head). Anis was quite laconic about all the excitement surrounding Dante’s launch.
Key corporate dignitaries who attended the ceremony were Mr. Suleman S. Mehdi (Chairman, Pakistan Stock Exchange), Mr. Richard Morin (MD, Pakistan Stock Exchange), Mr. Yusuf Hussain (CEO, Ignite–National Technology Fund), Mr. Humayun Bashir (Chairman, National Clearing Company Limited), Mr. Muhammad Lukman (CEO, NCCPL), Mr. Irfan Siddiqui (President & CEO, Meezan Bank), Adnan Rizvi (Partner, KPMG), Zafar Sobani (former CEO Hubco), Mr. Veqar ul Islam (Member Policy Board, SECP), Mr. Yasir Qadri (CEO, UBL Fund Managers), and Mr. Fawaz Villani (CEO, Elixir Securities Pakistan), Dr Sarosh Lodhi, VC NED, Danish Elahi of Elahi Group, Khurram Jamali amongst many others business leaders and influencers.