Qatari fund invests US$2 million in AI start-up Nexx, backed by Hong Kong’s wealthiest man

A venture capital firm backed by Qatar’s sovereign wealth fund is taking a minority stake in an AI-powered logistics technology start-up backed by Hong Kong’s wealthiest man, as it looks for investment opportunities in the Greater China region to more than triple its assets under management by the end of 2025.

Doha-based Rasmal Ventures, backed by the Qatar Investment Authority (QIA), has invested US$2 million (HK$15.6 million) in Hong Kong’s Nexx, an 18-month-old start-up backed by Li Ka-shing’s flagship CK Asset Holdings.
Rasmal will get a seat on the board of Nexx, which uses generative artificial intelligence (AI) to help warehouses reduce costs and improve efficiency, said Soumaya Ben Beya Dridje, a partner at the firm.

“We are a lead investor in this round,” said Ben Beya Dridje during an interview in Hong Kong. “This is only the beginning. It’s the first check. Once they grow a little bit more, they will be in better terms to raise more funds, and we will definitely follow on in the next round with more capital once they check some other milestones.”

Nexx, co-founded and chaired by former JPMorgan banker Houston Huang, will provide its AI solutions to help Qatar Navigation Q.P.S.C., also known as Milaha, undertake semi- and fully automated warehousing operations, particularly in picking, sorting, forecasting and order fulfilment. The use of Nexx’s solution will enhance Milaha’s operational efficiency, predictive inventory planning, order accuracy and staff productivity, paving the way for a smart and scalable logistics model, the company said.

Nexx’s clients include Hong Kong-based KLN Logistics Group and mainland home appliance manufacturer Gree Electric.

Rasmal’s assets were valued at US$30 million last year. The group is targeting a fund with assets of between US$70 million and US$100 million by the end of 2025, Ben Beya Dridje added.

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