First published: 30-Jul-2024 11:34:00

Public and private investment institutions join the round led by Shorouk Partners to make artificial intelligence accessible to all public and private institutions in the MENA region.

Riyadh, Saudi Arabia - Intelmatix, a leading deep technology and artificial intelligence company, today announced the successful closing of a $20 million Series A financing round. The round was led by Shurooq Partners, and attracted investments from public and private institutions in the region, including the Saudi Venture Capital Company (SVC), the Saudi Technology Investment Company (STV), Olayan Financial Company, Sultan Holding Group, Zain Ventures, and the Visions Growth Fund. .

This confidence in Intelmatics coincides with Saudi Arabia’s increasing focus on artificial intelligence, which was represented by the launch of the $40 billion Artificial Intelligence Fund in March 2024. This initiative aims to position the Kingdom as the largest investor in artificial intelligence in the world and drive the diversification of the national economy away from oil.

His Excellency Dr. Nabil Koshak, CEO and member of the Board of Directors of the Saudi Venture Capital Company (SVC), commented, “Our investment in artificial intelligence companies stems from our commitment to contribute to the launch of deep technologies and artificial intelligence in the Saudi economy..”

The Saudi Ministry of Communications and Information Technology also launched the National Information Technology Development Program (NTDP). Ibrahim Niaz, CEO of the NTDP, added: “We aim to enable and accelerate the adoption of artificial intelligence by supporting startups in the field of deep technologies in the Kingdom, which enables artificial intelligence research and the development of talent in this field.” Intelmatics was one of the first companies to receive support from the NTDP.

Intelmatics was founded by scientists from the Massachusetts Institute of Technology (MIT) with the aim of addressing the gap in AI technology and human capital in the region through its flagship product, the Enterprise Decision Intelligence (EDIX) platform. EDIX seeks to be the most user-friendly institutional artificial intelligence platform in the world. It is designed to be easy to access and use for all types of beneficiaries within the organization, from the board of directors to the store manager, which increases the impact of the platform and accelerates its adoption within the organization without the need for the presence of high skills. In artificial intelligence.

Dr. said. Anas Al Fares, Co-Founder and CEO of Intelmatics: “The EDIX platform is a one-stop-shop and one-stop solution for organizations in different sectors that need AI capabilities to enhance their productivity, without worrying about the lack of AI skills or huge investment in building systems and infrastructure.”

Nabil Al-Amoudi, CEO of Olayan Financial Company, said: “Intellimatics AI products are essential for organizations in the region as they help them adopt artificial intelligence to support decision-making.”

Badr Al-Kharafi, Chairman of the Board of Directors of Zain Group, commented, “Companies that could not afford the time and cost to develop their capabilities in artificial intelligence can now rely on Intelmatics technologies to enhance their productivity.”

Yousef Al-Babtain, Partner at Shorooq Partners, said, “This investment in Intelmatics is in line with our commitment to support innovative AI technologies that address complex challenges and open new growth opportunities in the MENA region, specifically in Saudi Arabia.”

About Intelmatix

Intelmatics is a leading company in the field of artificial intelligence and deep technologies, with a presence in Riyadh, London, and Boston. Intelmatics enables organizations to overcome challenges and make faster, more accurate decisions with better outcomes by leveraging AI and decision intelligence technologies. For more information, visit www.intelmatix.com .

About Shorouk Pastners Company

Founded in 2017, Shorouk Partners is the leading alternative investments firm in the MENA region. Venture capital and private credit funds invest in mostly seed and early-stage startups. The company has built deep industry expertise in the areas of fintech, platforms, software, games and Web 3.0. Shorouk Partners has invested in market-leading innovators including Pure Harvest Smart Farms , Nymcard , Temara, Sarwa , Lean Technologies, Muzn and Lindo.

Shurooq Partners is a multi-division regional firm, with a presence in Abu Dhabi, Dubai, Riyadh, Egypt and Korea.

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