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Intelmatix Closes $20 Million Funding Round to Boost AI in Saudi Arabia

Riyadh, Saudi ArabiaIntelmatix, a company specializing in deep technologies and artificial intelligence, announced the successful closure of a Series A funding round worth $20 million. The round was led by Shorooq Partners and attracted investments from several regional entities, including the Saudi Venture Capital Company (SVC), Saudi Technology Ventures (STV), Olayan Financing Company, Sultan Holding Group, Zain Ventures, and the Vision Growth Fund.

This investment aligns with Saudi Arabia’s growing focus on artificial intelligence, highlighted by the launch of a $40 billion AI fund in March 2024. The initiative aims to position the Kingdom as one of the largest investors in AI globally and to diversify the national economy beyond oil.

Dr. Nabeel Koshak, CEO and Board Member of SVC, stated, “Our investment in AI companies reflects our commitment to advancing deep technologies and integrating them into the Saudi economy.”

In addition, the Saudi Ministry of Communications and Information Technology launched the National Technology Development Program (NTDP). Ibrahim Niaz, CEO of NTDP, noted that the program aims to “enable and accelerate the adoption of AI by supporting deep tech startups in the Kingdom.” Intelmatix was among the first companies to benefit from this program.

Founded by scientists from the Massachusetts Institute of Technology (MIT), Intelmatix seeks to bridge the gap in AI technology and human capital in the region. The company’s flagship product, the Enterprise Decision Intelligence Platform (EDIX), is designed to be one of the most user-friendly enterprise AI platforms globally. EDIX is accessible to all levels within an organization, from the board of directors to store managers, enhancing the platform’s impact and accelerating adoption without requiring advanced AI skills.

Dr. Anas Alfaris, Co-founder and CEO of Intelmatix, stated, “EDIX is a comprehensive solution for enterprises across various sectors seeking AI capabilities to boost productivity, without the need for significant investment in infrastructure or skills development.”

Nabeel Al-Amoudi, CEO of Olayan Financing Company, emphasized that Intelmatix’s AI products are “essential for organizations in the region as they assist in adopting AI for decision-making support.”

Bader Al-Kharafi, Chairman of Zain Group, added that “companies previously unable to afford the time and cost of developing their AI capabilities can now leverage Intelmatix’s technologies to enhance productivity.”

Yusuf Al-Babtain, Partner at Shorooq Partners, concluded, “Our investment in Intelmatix aligns with our commitment to supporting innovative AI technologies that address complex challenges and open new growth opportunities in the Middle East and North Africa, particularly in Saudi Arabia.”

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