#Saudi Aramco VC Fund Backs AI-Powered Cybersecurity Startup - Bloomberg

Saudi Aramco VC Fund Backs AI-Powered Cybersecurity Startup - Bloomberg

Saudi Aramco’s venture capital arm has invested in SpiderSilk, a United Arab Emirates-based startup that offers AI-powered cybersecurity services.

Aramco’s $500 million venture fund, Wa’ed Ventures, took the lead in a $9 million round that included Riyadh-based Saudi Technology Ventures and Dubai’s Global Ventures.

The new capital is intended to support SpiderSilk’s technology offerings in Saudi Arabia, the company said in a statement. SpiderSilk has worked with Lenovo Group Ltd., Panasonic Holdings Corp. and parts of Samsung Group, according to its website.

The startup is in the process of moving its headquarters to Saudi Arabia by next year as required of foreign companies working with government entities.

Saudi Aramco also signed a collaborative agreement with SpiderSilk as it aims to boost its cybersecurity services.