Manama, Nov. 20 (BNA): Several representatives of global startups participating in the exhibition held alongside the World Business Angels Investment Forum (WBAF 2024), on November 19-20, emphasised that the forum’s first-time organisation in Bahrain and the Arab world provides a platform for gaining necessary support and guidance from leading investors to propel their businesses in the global investment and economic sectors.
In remarks to Bahrain News Agency (BNA), the companies highlighted the benefits of networking with global peers and exchanging experiences during the event.
Alejandro Sanchez, CTO and Founder of the US-based startup Turing Cybernetics, expressed his enthusiasm for participating in the forum.
“We are very excited to be here. We are promoting our products, which are AI-based, and we are looking for investors. We want to make this product commercial in the short term and expect significant success in the near future,” he said.
Sanchez highlighted the company’s innovative product, describing it as a tool designed to enhance productivity for individuals and corporations. “It’s essentially an AI tool that helps companies excel by enabling them to do more with less effort. It also creates opportunities for people. The tool can manage portfolios, finances, and autonomously learn to make trades and optimise operations,” he explained.
He emphasised the potential of the product to revolutionise operations and scalability.
“It will improve corporate operations by learning how to operate efficiently, allowing businesses to scale up quickly without significant investment. We are still in the pilot phase but, with the proper funding, expect to commercialise it within three months and scale up to the final product in less than a year,” he added.
Sanchez also highlighted the networking opportunities at the forum. “We’ve met a lot of people and are continuing to meet more investors. It’s been a great journey, and I’m really enjoying my time here,” he said.
Boris Kriuk, Co-Founder CEO of Sparcus Technology, described the forum as an opportunity to showcase innovative solutions tailored for the logistics sector.
“We are presenting a complete line of products for terminals, shippers, and freight services. Our solutions range from damage assessment of cargo containers to inspections of fuel levels and density calculations, as well as object detection within containers,” he said.
Kriuk emphasised the efficiency and accuracy their AI-powered products bring to the industry. “Our value proposition is centred on time-saving. By improving the processing speed of containers, we enable ports to handle higher volumes efficiently. Our AI solutions also deliver inspection accuracy rates of up to 95%, compared to the current rate of just above 70% due to human error,” he explained.
Highlighting Sparcus Technology’s expansion plans, Kriuk said, “We currently have offices in Hong Kong and Paris, and we plan to establish an office in the GCC next year.”
“Bahrain is an appealing location due to its untapped potential and the high level of interest in new technologies here. Being present in this region allows us to directly connect with stakeholders eager to adopt innovative solutions.”
Fran Guillén, General Manager of the Spanish biotech company PlusVitech, underscored the importance of the forum for expanding their groundbreaking work in cancer treatment.
“We are developing an oral drug for cancer treatment that is effective even for advanced-stage patients. It has shown complete remission in cases of lung cancer, including patients with no other options, as well as in other aggressive cancers like triple-negative breast cancer and lymphomas,” he said.
Guillén said that the company is currently conducting Phase II clinical trials for lung cancer with a new formulation targeting late-stage patients.
“Our mission is to create affordable and effective treatments for cancer patients, providing life-changing outcomes. We are developing drugs that we hope will be acquired by major pharmaceutical companies to scale and commercialise globally,” he said.
Reflecting on the motivation behind their work, Guillén said, “Cancer is a significant global problem, and healthcare is a critical investment area. Our team is driven by the desire to help people and save lives. Seeing terminal patients respond to our treatment feels like a miracle and motivates us to continue pushing forward.”
Guillén highlighted the promising opportunities in the GCC region, commendeding Bahrain’s investment-friendly environment and the forum’s role in connecting startups with investors.
“Healthcare is evolving rapidly with the integration of biotechnology and AI, making it an exciting time to innovate and make a difference,” he added.
The exhibition accompanying the WBAF 2024 witnessed widespread participation from local and international companies specialising in technology, artificial intelligence, and environmental solutions for ecosystem preservation.
The forum enables startups to exchange ideas and experiences while establishing strategic partnerships with top investors worldwide.
