Intelmatix, a deep-tech AI startup, announced today the successful closure of a $20 million Series A funding round 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.
Why it Matters: The largest Series A funding round in the AI sector in the MENA Region. The round also included direct investment from SVC.
More to Know:
- Founded by MIT scientists, Anas Alfaris, Ahmad Alabdulkareem, and Almaha Almalki.
- Deploys AI to fill the technology and human capital gap through its flagship product, the Enterprise Decision Intelligence Platform (EDIX).
- Intelmatix has operations in Riyadh, London, and Boston.
- Backed by National Technology Development Program (NTDP).
- In 2021, the startup announced its first round led by STV and Sultan Holdings.
Related Comments:
- His Excellency Dr Nabeel Koshak, CEO and Board Member at SVC commented: “Our investment in AI is driven by our commitment to unlock deep tech and AI’s contribution to the Saudi economy”.
- ntelmatix’s co-founder and CEO, Anas Alfaris, said: “EDIX is the one-stop-shop for organizations across industries needing AI capabilities to enhance their productivity without worrying about the AI skills shortage or the considerable investment of build versus buy”.
- Nabeel Al Amudi, CEO of Olayan Financing Company, stated: “Intelmatix’s AI product offering is sorely needed by businesses in the region for decision support and AI adoption”.
- The chairman of the Zain Group, Bader Al-Kharafi, commented: “Enterprises that could never afford the time and outlay to develop their AI capability can rely on Intelmatix’s technology to boost their productivity.”
- Yousef Albabtain, Partner at Shorooq Partners, said: “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”.