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Saudi deep-tech AI company Intelmatix closed a USD 20 mn series A funding round, marking the region’s largest series A round for an AI startup, according to a press release. The round was led by Shorooq Partners, with participation from Saudi Venture Capital Company, Saudi Technology Ventures (STV), Olayan Financing Company, Sultan Holdings, Zain Ventures, and Rua Growth Fund. The story also got ink in Bloomberg.
What we don’t know: Information about the size of the stake offered to investors and the investment structure, as well as the specific amounts each institution invested, was not disclosed. It is also unclear where Intelmatix plans to earmark the funds.
Background: Intelmatix closed a seed round back in 2021 with STV and Sultan Holdings with an undisclosed amount. The AI startup also signed an agreement with Prince Sultan University to launch the first AI initiative in the university in March.
About Intelmatix: Founded by MIT scientists, Intelmatix seeks to bridge the region’s AI gap through its flagship product, the Enterprise Decision Intelligence Platform, which is designed to provide comprehensive AI solutions for organizations without requiring extensive AI expertise.
IN OTHER STARTUP NEWS-
Egypt-born education startup Educatly has raised USD 2.5 mn in a funding round, which was led by TLcom Capital and Plus VC, with additional participation from Egypt Ventures and the Irish HBAN syndicate, it said in a statement. Educatly acts as a database for school and university students to help inform their educational decisions. It launched in 2020 and started operations in Saudi last May.
