Abu Dhabi Investor Backs AI Firm Founded by Saudi MIT Graduates - Bloomberg
Abu Dhabi-based investment firm Shorooq Partners led a $20 million financing round for Intelmatix, an artificial intelligence startup founded by Saudi graduates of the Massachusetts Institute of Technology.
Shorooq teamed up with other public and private institutions including Saudi Venture Capital Company, Saudi Technology Ventures and Olayan Financing Company in what it described as the largest Series A investment for an AI firm in the Middle East and North Africa. The funds will be used to develop the firm’s product offering and geographical expansion, according to a statement.
Seeking to diversify their oil-dependent economies, Saudi Arabia and the United Arab Emirates are investing tens of billions of dollars into advanced technologies including artificial intelligence.
“Our investment in AI is driven by our commitment to unlock deep tech and AI’s contribution to the Saudi economy,” said Nabeel Koshak, chief executive officer and board member at SVC, one of Intelmatix’s investors.
The company was founded in Boston, home of the MIT, but now has operations in Riyadh and London too. It has developed a platform that helps businesses gain access to AI solutions “without worrying about the AI skills shortage or the considerable investment of build versus buy,” Intelmatix Co-Founder and CEO Anas Alfaris said.
Shorooq is among the Middle East’s most active technology investors, having previously committed funds to agri-tech and fintech firms. It’s backed by several sovereign wealth funds including Abu Dhabi’s Mubadala Investment Co. and ADQ, as well as the Korean Venture Investment Corp.
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