Intelmatix, a deep-tech AI firm based in Saudi Arabia, has raised $20 million in a Series A funding round. The round was led by Shorooq Partners, with major investments from the Saudi Venture Capital Company (SVC), Saudi Technology Ventures (STV), Olayan Financing Company, Sultan Holdings, Zain Ventures, and Rua Growth Fund.
“Our investment in AI is driven by our commitment to unlock deep tech and AI’s contribution to the Saudi economy,” said Dr Nabeel Koshak, CEO and Board Member at SVC.
Intelmatix, established by MIT scientists, aims to fill the AI gap in technology and skills in the region with its main product, the Enterprise Decision Intelligence Platform (EDIX). EDIX is designed to a user-friendly Enterprise AI platform, catering to all types of users in a company. This approach enhances its effectiveness and speeds up its use within the organisation, reducing the reliance on specialised AI experts.
According to Intelmatix’s co-founder and CEO, Anas Alfaris, “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.”
This funding news comes as Saudi Arabia boosts its commitment to artificial intelligence, highlighted by the announcement of a $40 billion AI fund in March 2024. The kingdom aims to position itself as a leading global investor in AI.
Yousef Albabtain, a Partner at Shorooq Partners, believes that investing in Intelmatix fits with their goal to back innovative AI technologies that tackle difficult problems and create new growth chances in the MENA region, especially in Saudi Arabia.
Intelmatix previously secured an undisclosed investment in 2021, led by STV and Sultan Holdings.
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