Riyadh, Saudi Arabia – Intelmatix, a prominent deep-tech AI company, has successfully closed a $20 million Series A funding round. The round was led by Shorooq Partners and attracted investments from notable public and private institutions, including Saudi Venture Capital Company (SVC), Saudi Technology Ventures (STV), Olayan Financing Company, Sultan Holdings, Zain Ventures, and Rua Growth Fund.
This investment marks a significant milestone for Intelmatix and coincides with Saudi Arabia’s intensified focus on artificial intelligence. In March 2024, the Kingdom launched a $40 billion AI fund aimed at positioning itself as the world’s largest AI investor and driving economic diversification beyond oil. His Excellency Dr. Nabeel Koshak, CEO and Board Member at SVC, emphasized the importance of AI in the country’s economic strategy, stating, “Our investment in AI is driven by our commitment to unlock deep tech and AI’s contribution to the Saudi economy.”
In support of this vision, the Saudi Ministry of Communications and Information Technology has initiated the National Technology Development Program (NTDP). Ibrahim Neyaz, CEO of the NTDP Program, highlighted the program’s goals: “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 among the first companies to benefit from NTDP’s initiatives.
Founded by MIT scientists, Intelmatix aims to address the region’s AI gap in technology and human capital. Their flagship product, the Enterprise Decision Intelligence Platform (EDIX), is designed to be the world’s most accessible enterprise AI platform. EDIX is user-friendly and intended to maximize its impact across all levels of an organization, eliminating the need for specialized AI skills.
“EDIX is the 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 build versus buy,” said Anas Alfaris, Co-founder and CEO of Intelmatix.
The company’s vision has garnered strong support from various investors. Nabeel Al Amudi, CEO of Olayan Financing Company, noted, “Intelmatix’s AI product offering is sorely needed by businesses in the region for decision support and AI adoption.” Bader Al-Kharafi, Chairman of the Zain Group, added, “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, expressed confidence in the investment, saying, “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.”
For more information about Intelmatix, visit www.intelmatix.ai.
About Intelmatix
Intelmatix is a leading deep-tech AI company with operations in Riyadh, London, and Boston. 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.
About Shorooq Partners
Founded in 2017, Shorooq Partners is a leading alternative investment manager in the Middle East and North Africa regions. The firm’s venture capital and private credit funds invest in innovative technology companies across Fintech, Platforms, Software, Gaming, and Web3.0 sectors. Shorooq Partners has supported market-leading disruptors, including Pure Harvest Smart Farms, Nymcard, Tamara, Sarwa, Lean Technologies, TruKKer, Mozn, and Lendo. For more information, visit www.shorooq.com.
