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Intelmatix, a leading company in deep tech and artificial intelligence, has successfully closed a $20 million Series A funding round, led by Shorooq Partners. The round attracted investments from both public and private institutions, including the Saudi Venture Capital Company (SVC), Saudi Technology Ventures (STV), Al-Olayan Financial, Sultan Holding Group, Zain Ventures, and the Growth Fund.
This investment reflects a growing confidence in Intelmatix at a time when Saudi Arabia is intensifying its focus on artificial intelligence. In March 2024, the Kingdom launched a $40 billion AI Fund, aiming to become the world’s largest investor in this sector and to diversify its economy away from oil dependency.
Strong Institutional Support
Dr. Nabil Koshak, CEO and Board Member of the Saudi Venture Capital Company (SVC), stated, “Our investment in AI companies stems from our commitment to fostering deep tech and artificial intelligence innovations within the Saudi economy.”
In a related initiative, the Saudi Ministry of Communications and Information Technology has launched the National Technology Development Program (NTDP). Ibrahim Niaz, CEO of the NTDP, explained, “Our goal is to enable and accelerate the adoption of artificial intelligence by supporting deep tech startups, which will enhance AI research and talent development in the region.” Intelmatix was among the first companies to receive support from the NTDP.
Innovation and Excellence
Founded by scientists from the Massachusetts Institute of Technology (MIT), Intelmatix aims to address the gap in AI technology and human capital in the region. Its flagship product, the Enterprise Decision Intelligence (EDIX) platform, is designed to be the most user-friendly solution globally, accessible to all levels within organizations, from board members to field workers.
Dr. Anas Al-Fares, co-founder and CEO of Intelmatix, remarked, “The EDIX platform serves as a one-stop comprehensive solution for organizations across various sectors that require AI capabilities to enhance productivity, without necessitating advanced AI skills or significant infrastructure investments.”
Strategic Support and Investment
Nabil Al-Amoudi, CEO of Al-Olayan Financial, emphasized the importance of Intelmatix’s products, stating, “Intelmatix’s AI solutions are essential for organizations in the region, helping them leverage AI for better decision-making.”
Badr Al-Kharafi, Chairman of Zain Group, added, “Companies that previously could not afford the time or cost to develop their AI capabilities can now rely on Intelmatix’s technologies to boost their productivity.”
Yousef Al-Babtain, partner at Shorooq Partners, concluded, “This 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.”
About Intelmatix
Intelmatix is a leading company in artificial intelligence and deep tech, with a presence in Riyadh, London, and Boston. Intelmatix empowers organizations to overcome challenges and make faster, more accurate decisions using AI and decision intelligence technologies. For more information, visit www.intelmatix.com.
About Shorooq Partners
Founded in 2017, Shorooq Partners is a leading alternative investment firm in the Middle East and North Africa. It invests in some of the most promising seed and early-stage startups in fintech, platforms, software, gaming, and Web 3.0. The firm has a presence in Abu Dhabi, Dubai, Riyadh, Egypt, and Korea.
