Abu Dhabi-based Shorooq Partners has led a $20 million investment in Intelmatix, an AI startup founded by Saudi MIT graduates, to enhance product offerings and expand operations in Riyadh and London.
Shorooq Partners, an Abu Dhabi-based investment firm, has invested $20 million in Intelmatix, an AI startup founded by Saudi graduates of the Massachusetts Institute of Technology.
The funds will be used to develop the firm’s product offering and expand geographically. Other investors, such as Olayan Financing Company, Saudi Venture Capital Company, and Saudi Technology Ventures, participated in the round. This is considered one of the largest Series A investments for an AI firm in the MENA region.
While founded in Boston, Intelmatix has operations in Riyadh and London. The startup has developed a platform that helps businesses gain access to AI solutions.
Seeking to diversify their oil-dependent economies, Saudi Arabia and the United Arab Emirates are investing tens of billions of dollars into advanced technologies, including artificial intelligence.
Shorooq Partners is one of the Middle East’s leading technology investors. It is known for its active involvement in the agri-tech and fintech sectors. Shorooq Partners is supported by major sovereign wealth funds, such as Abu Dhabi’s Mubadala Investment Company and ADQ, alongside the Korean Venture Investment Corporation.
