Saudi deeptech Intelmatix scores $20 million Series A

• Saudi Arabia-based deeptech AI company Intelmatix has closed a $20 million Series A funding round, led by Shorooq Partners and joined by Saudi Venture Capital Company (SVC), Saudi Technology Ventures (STV), Olayan Financing Company, Sultan Holdings, Zain Ventures, and Rua Growth Fund.
• Founded in 2021 by a group of MIT graduates led by Anas Alfaris, Almaha Almalki and Ahmad Alabdulkareem, Intelmatix provides both public and private sectors with accessible AI and advanced analytics that delivers technologies to improve operations, productivity, growth, and sustainability.
• Saudi Arabia launched a $40 billion AI fund in March 2024, aiming to position the nation as the world’s largest AI investor and to drive the country’s economic diversification beyond oil.
• In August 2021, Intelmatix raised an undisclosed investment round, led by STV and Sultan Holdings.

Source: My Startup World

Intelmatix, a leading deep-tech AI company, announced today the successful closure of a $20 million Series A funding round. This round, led by Shorooq Partners, attracted investments from public and private institutions in the region, including Saudi Venture Capital Company (SVC), Saudi Technology Ventures (STV), Olayan Financing Company, Sultan Holdings, Zain Ventures, and Rua Growth Fund.

This strong vote of confidence in Intelmatix coincides with Saudi Arabia’s intensified focus on Artificial Intelligence, marked by the launch of a $40 billion AI fund in March 2024. This initiative is designed to position the nation as the world’s largest AI investor and to drive the country’s economic diversification beyond oil.

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.

Founded by MIT scientists, Intelmatix was created to address the region’s AI gap in technology and human capital through its flagship product, the Enterprise Decision Intelligence Platform (EDIX). EDIX seeks to be the world’s most accessible Enterprise AI platform, designed to be user-friendly for all types of users within an enterprise, from the boardroom to the shop floor. This maximises its impact and accelerates adoption across the organisation while eliminating the need for highly skilled AI talent.

“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.”