- Intelmatix raised $20 million in a Series A funding round led by Shorooq Partners, with significant investor participation.
- Founded in 2021 by MIT graduates, Intelmatix aims to provide accessible AI and advanced analytics in the region.
- The company benefits from Saudi Arabia’s National Technology Development Program, supporting AI startups and research.
- The funding will help Intelmatix make advanced AI more accessible and address complex challenges in the MENA region.
Saudi Arabia-based deep-tech AI company, Intelmatix, has successfully closed a $20 million Series A funding round. This round, led by Shorooq Partners, saw significant participation from a range of prominent investors, including the Saudi Venture Capital Company (SVC), Saudi Technology Ventures (STV), Olayan Financing Company, Sultan Holdings, Zain Ventures, and the Rua Growth Fund.
Intelmatix was founded in 2021 by a group of MIT graduates, Anas Alfaris, Almaha Almalki, and Ahmad Alabdulkareem. Their mission was to bridge the AI gap in the region by providing both public and private sectors with accessible AI and advanced analytics. Their technologies are designed to enhance operations, productivity, growth, and sustainability across various industries.
Saudi Arabia’s AI Ambitions
This investment aligns with Saudi Arabia’s broader ambitions in the field of artificial intelligence. In March 2024, the nation launched a $40 billion AI fund aimed at positioning Saudi Arabia as the world’s largest AI investor. This initiative is part of the country’s strategy to diversify its economy beyond oil and establish itself as a global leader in AI.
Previous Investments
Prior to this, in August 2021, Intelmatix secured an undisclosed investment round led by STV and Sultan Holdings. This early investment helped the company to develop its flagship product, the Enterprise Decision Intelligence Platform (EDIX).
The Role of EDIX
EDIX is designed to be the world’s most accessible Enterprise AI platform, user-friendly for all levels within an organization. It aims to maximize impact and accelerate AI adoption across enterprises without requiring highly skilled AI talent. This platform supports organizations across various industries by enhancing productivity and reducing the need for significant investments in AI capabilities.
Support from National Initiatives
Intelmatix is one of the first companies to benefit from the Saudi Ministry of Communications and Information Technology’s National Technology Development Program (NTDP). This program, led by CEO Ibrahim Neyaz, aims to empower and accelerate AI adoption by supporting deep-tech startups, fostering AI research, and developing AI talent within Saudi Arabia.
Industry Support
Intelmatix’s innovative approach has garnered strong support from industry leaders. His Excellency Dr. Nabeel Koshak, CEO and Board Member at SVC, highlighted their commitment to unlocking AI’s potential in the Saudi economy.
Nabeel Al Amudi, CEO of Olayan Financing Company, emphasized the necessity of Intelmatix’s AI products for regional businesses, while Bader Al-Kharafi, Chairman of the Zain Group, praised the accessibility of Intelmatix’s technology for enterprises that lack the resources to develop their AI capabilities internally.
Investment Goals
The recent funding will allow Intelmatix to further its mission of making advanced AI accessible to a wider audience. Yousef Albabtain, Partner at Shorooq Partners, expressed that this investment aligns with their commitment to supporting disruptive AI technologies that address complex challenges and unlock new growth opportunities in the MENA region and specifically in Saudi Arabia.
Intelmatix’s $20 million Series A funding marks a significant milestone for the company and the broader AI landscape in Saudi Arabia. With the backing of prominent investors and national programs, Intelmatix is poised to play a crucial role in the country’s vision of becoming a global AI leader.
The company’s innovative solutions, particularly the EDIX platform, are set to drive significant advancements in productivity and sustainability across various industries. As Saudi Arabia continues to invest heavily in AI, Intelmatix stands out as a key player in this transformative journey.
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Last Updated on July 30, 2024 by Safiya K
