Presight buys majority stake in technology joint venture AIQ [Video]

DUBAI — Abu Dhabi artificial intelligence firm Presight bought a 51% stake in AIQ, a joint technology venture between the Abu Dhabi National Oil Company, or ADNOC, and G42, a major Abu Dhabi-based AI and cloud company.

The new ownership structure will see ADNOC holding 49% of the company and giving it a valuation of $1.4 billion, according to a joint company press release.

ADNOC will in turn get a 4% stake in Presight, as it aims to integrate AI into more of its operations and services. AIQ, for its part, will continue as a stand-alone company within Presight’s portfolio, the release said. AIQ uses AI and machine learning to improve processes in the oil and gas industry.

Speaking to CNBC’s Dan Murphy, AIQ CEO Chris Cooper discussed how his firm has benefited from ADNOC and how it plans to broaden its applications in the energy industry and globally.

“We’ve had the benefit of …