Wa’ed Ventures earmarks $100 million to invest in Saudi AI sector
- Wa’ed Ventures, a $500 million venture capital fund owned by Aramco, has allocated $100 million specifically for early-stage AI investments to position Saudi Arabia as a global AI hub.
- An advisory board composed of global experts from institutions like Meta, MIT, and Amazon has been established to assist in strategy and deal sourcing for AI investments.
- A PwC report predicts that by 2030, Saudi Arabia’s AI sector could generate $135 billion, contributing about 12% to the country’s total GDP.
- Wa’ed Ventures has recently invested in AI-focused companies, including the Korean chip company Rebellions and the U.S.-based startup AiXplain, highlighting its commitment to developing cutting-edge AI technologies.
Wa’ed Ventures earmarks $100 million to invest in Saudi AI sector
- Aramco’s $500 million VC fund, Wa’ed Ventures, has allocated $100 million for early-stage AI investments to support positioning the Kingdom as a global AI hub.
- For deployment, Wa’ed has appointed an advisory board composed of global experts and investors in AI having worked at Meta, MIT, Oxford, and Amazon, among other top-rank institutions.
- According to a recent PwC report, in 2030, Saudi Arabia is estimated to record $135 billion in gains from artificial intelligence alone, equalling 12% of its total GDP.
- In the past few months, Wa’ed invested in the Korean AI chip company Rebellions, as well as the US-based startup AiXplain.
Press release:
Wa’ed Ventures, the $500 million venture capital fund wholly owned by Aramco, announces earmarking $100 million for early-stage AI investments, a bold move to support positioning the Kingdom as a global AI hub.
To aid with strategic deal sourcing and accelerate localisation for global startups, an advisory board consisting of globally renowned leaders in artificial intelligence (AI) has already been appointed by Wa’ed Ventures. The board members come from diverse backgrounds within the AI industry, including policymaking, research, academia, and entrepreneurship, having worked in Meta, Amazon, MIT, Oxford and other top-rank institutions.
“Our strategic decision to allocate funds to AI investments is rooted in a deep understanding of the Kingdom’s growing ecosystem. By fostering innovation and supporting AI startups, we aim to accelerate the development of cutting-edge technologies that will drive economic growth, improve quality of life, and position Saudi Arabia as a global leader in artificial intelligence. This investment will not only incentivise local entrepreneurs but also support the localisation of global talent, ultimately unlocking the immense potential of AI,” said Anas Algahtani, Acting Chief Executive Officer of Wa’ed Ventures.
According to a recent report by PwC, Saudi Arabia’s gain from AI is expected to exceed other countries in the Middle East with an estimated $135 billion in value by 2030. This would position artificial intelligence as one of the leading economic drivers, composing more than 12% of the country’s total GDP by 2030.
Wa’ed’s new AI strategy marks another initiative by the fund in keeping with its commitment towards investing in high-potential AI applications and infrastructure players. During the past few months, Wa’ed Ventures announced its investment in the Korea AI chip company Rebellions, as well as the California-based startup AiXplain, a leading provider of essential infrastructure for accelerated AI development.
Here’s a summary of the key elements from the article regarding Wa’ed Ventures’ investment in the Saudi AI sector:
Funds
- Wa’ed Ventures: A $500 million venture capital fund wholly owned by Aramco.
- Earmarked $100 million specifically for early-stage AI investments.
Investors
- Aramco: The parent company of Wa’ed Ventures.
- Advisory Board: Comprised of global experts and investors in AI from institutions like Meta, MIT, Oxford, and Amazon.
Startups
- Rebellions: A Korean AI chip company in which Wa’ed Ventures invested.
- AiXplain: A California-based startup providing essential infrastructure for AI development.
Founders
- Not explicitly mentioned in the provided text. However, the Acting Chief Executive Officer of Wa’ed Ventures is:
- Anas Algahtani
Fundraise Series
- The nature of the $100 million investment indicates it is focused on early-stage investments in the AI sector, but specific fundraise series for Rebellions and AiXplain are not detailed in the text.
This information highlights Wa’ed Ventures’ initiatives to boost the AI landscape in Saudi Arabia through strategic investments in promising startups.