Insider Brief
- Intelmatix, a deep-tech AI company, raised $20 million in a Series A round led by Shorooq Partners, marking the largest AI funding in the region.
- The funding supports Saudi Arabia’s AI sector growth, with Intelmatix’s EDIX platform designed to make AI accessible across enterprises without needing specialized skills.
- Backed by key investors like Saudi Venture Capital Company and Olayan Financing, Intelmatix aims to boost AI adoption and productivity in the MENA region.
PRESS RELEASE — Riyadh, Saudi Arabia /July 30, 2024— Intelmatix, a leading deep-tech AI company, announced today that it successfully raised $20 million in funding at the closure of the region’s largest AI Series A round. The company attracted investments from both public and private institutions in the region, led by Shorooq Partners. Other investors include 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 developing the national artificial intelligence sector, highlighted by the launch of a $40 billion AI fund in March 2024. This initiative aims 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.”
Echoing similar sentiments, Ibrahim Neyaz, CEO of the National Technology Development Program (NTDP), 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.” Intelmatix is one of the first companies to be supported by NTDP, an initiative of the Saudi Ministry of Communications and Information Technology.
Founded by MIT scientists, Intelmatix was established to address the region’s AI gap in technology and human capital. Its flagship product, the Enterprise Decision Intelligence Platform (EDIX), seeks to be the world’s most accessible enterprise AI platform. EDIX is designed to be user-friendly for all types of users within an enterprise, from the boardroom to the shop floor, thereby maximizing the impact of AI and accelerating technology adoption across organizations while eliminating the need for highly skilled AI talent.
“EDIX is a one-stop-shop for organizations across industries needing AI capabilities to enhance their productivity without worrying about the AI skills shortage or the considerable investment of building versus buying,” 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.”
Similarly, Bader Al-Kharafi, chairman of the Zain Group, commented: “Enterprises that could never afford the time and outlay to develop their AI capabilities 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.”
-Ends-
About Intelmatix
Intelmatix is a leading deep-tech AI company with operations in Riyadh, London, and Boston. By leveraging Artificial Intelligence (AI) and Decision Intelligence (DI), Intelmatix empowers enterprises to overcome challenges and make faster, more accurate decisions leading to better outcomes. For more information, visit www.intelmatix.ai.
Media Contact:
Andrea Frino
Chief Business Officer
a.frino@intelmatix.ai
