PRESSR: Intella closes a $3.4 million financing round led by Hala Ventures and Waed Ventures, which is owned by Saudi Aramco.
First published: 03-Oct-2023 12:41:13
Riyadh, Saudi Arabia - Intella, a leading deep technology company, has successfully closed a $3.4 million Pre-Series A funding round led by Hala Ventures and Waed Ventures, a venture capital fund for startups. It is wholly owned by Saudi Aramco, with the participation of “Sanabel 500”, the Alumni Network of the European Institute of Business Administration “INSEAD”, along with other investors.
The new financing round will help Intella expand its business in the Saudi market and support the development of local integrated artificial intelligence models for the Middle East and North Africa region. This tour coincides with the strategic decision taken by the company to move its headquarters and benefit from the growing technology and artificial intelligence system in the Kingdom. In this regard, Nour Al-Taher, co-founder and CEO of Intella, said: “The Kingdom of Saudi Arabia is witnessing a rapid transformation to become a center for technological advancement. This step fits perfectly with our plans for further expansion.”
As part of its ongoing efforts to improve its technology, Intella tested its system with more than 30,000 hours of audio recordings in Arabic. The Intella Voice engine achieved an accuracy rate of 95.73 percent, surpassing established technology leaders such as Google's speech-to-text, OpenAI's Whisper, Meta's SeamlessM4T, and Meta's Watson. "IBM".
Omar Mansour, co-founder and CTO of Intella, commented: “The voice technology we developed, specifically designed for Arabic dialects, has set new standards in the industry. We are currently working on moving beyond voice typing, and focusing on analytics.” "We are looking to push the boundaries of what AI can do in voice messaging in our region."
Ali Abu Al-Saud, founding managing partner of Hala Ventures, commented: “We are very excited to support Intella’s vision, as part of its tireless and successful endeavor to link global progress in the field of artificial intelligence with the needs of the Arabic-speaking community. This is Truly the kind of initiatives the region needs today.”
Intella's mission is to bridge the gap between Arabic speakers and advances in the field of artificial intelligence, emphasizing the region's importance in terms of its global technological trends. With this new funding, Intella is preparing to expand its presence in the region, enhance its product portfolio, and consolidate its leadership in the field of voice technology innovation.
With the increasing demand for specialized Arabic-speaking voice technologies, Intella is in a leadership position to meet the needs of the Middle East region.
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