Leading deep-tech AI startup Intelmatix successfully closed a $20 million Series A funding round today. Public and private organizations in the area contributed to this round, which was headed by Shorooq Partners. These institutions included Sultan Holdings, Olayan Financing Company, Saudi Venture Capital Company (SVC), Saudi Technology Ventures (STV), Zain Ventures, and Rua Growth Fund.
This resounding endorsement of Intelmatix aligns with Saudi Arabia’s heightened emphasis on AI, demonstrated by the establishment of a $40 billion AI fund in March 2024. The purpose of this initiative is to propel the nation’s economic diversification away from oil and establish it as the largest AI investor in the world.
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.”
The Saudi Ministry of Communications and Information Technology has also deployed the National Technology Development Program (NTDP). Ibrahim Neyaz, CEO of the NTDP Programme, added: “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.” One of the first companies to be supported by NTDP’s initiatives was Intelmatix.
MIT scientists founded Intelmatix with the goal of bridging the AI skills and technology gaps in the region with its flagship product, the Enterprise Decision Intelligence Platform (EDIX). With features that cater to all user types within an enterprise, from the shop floor to the boardroom, EDIX aims to be the most user-friendly enterprise artificial intelligence platform in the world. In addition to maximizing its impact and quickening adoption throughout the company, this also does away with the need for highly qualified AI personnel.
“EDIX is the one-stop-shop for organisations across industries needing AI capabilities to enhance their productivity without worrying about the AI skills shortage or the considerable investment of build versus buy,” said Intelmatix’s co-founder and CEO, Anas Alfaris.
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.”
