Intelmatix, a deep-tech AI company based in Saudi Arabia, has announced raising $20 million in a Series A funding round, the largest of its kind in the region.
The funding was led by Shorooq Partners, with participation from Saudi Venture Capital Company (SVC), Saudi Technology Ventures (STV), Olayan Financing Company, Sultan Holdings, Zain Ventures, and Rua Growth Fund.
The investment aligns with Saudi Arabia’s heightened focus on developing its national artificial intelligence sector, marked by the launch of a $40 billion AI fund in March 2024. This initiative aims to position the kingdom as the world’s largest AI investor and support economic diversification beyond oil.
“Our investment in AI is driven by our commitment to unlock deep tech and AI’s contribution to the Saudi economy,” said His Excellency Dr. Nabeel Koshak, CEO and Board Member at SVC.
Ibrahim Neyaz, CEO of the National Technology Development Program (NTDP), said, “We aim to empower and accelerate AI adoption by supporting deep tech startups that will populate the KSA AI landscape, enabling AI research, and developing AI talent.”
Intelmatix is among the first companies supported by NTDP, an initiative of the Saudi Ministry of Communications and Information Technology.
Founded by MIT scientists, Intelmatix was established to address the region’s AI gap in technology and human capital.
Its flagship product, the Enterprise Decision Intelligence Platform (EDIX), is designed to be user-friendly for all types of users within an enterprise, from the boardroom to the shop floor, aiming to maximize the impact of AI and accelerate technology adoption across organizations.
“EDIX is a one-stop-shop for organizations needing AI capabilities to enhance their productivity without worrying about the AI skills shortage or the considerable investment of building versus buying,” said Intelmatix’s co-founder and CEO, Anas Alfaris.
Nabeel Al Amudi, CEO of Olayan Financing Company, commented, “Intelmatix’s AI product offering is sorely needed by businesses in the region for decision support and AI adoption.”
Bader Al-Kharafi, chairman of the Zain Group, said, “Enterprises that could never afford the time and outlay to develop their AI capabilities can rely on Intelmatix’s technology to boost their productivity.”
Yousef Albabtain, Partner at Shorooq Partners, stated, “This investment in Intelmatix aligns with our commitment to support disruptive AI technologies that address complex challenges and unlock new growth opportunities in the MENA region and Saudi Arabia specifically.”
Business News Asia
