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Aramco’s Wa’ed Ventures earmarked USD 100 mn for AI startup investments and appointed an advisory board of ex-Meta and Amazon employees to weigh on early-stage investments in the sector, Bloomberg reports, citing a statement from Wa’ed. The investments come as policymakers here push state institutions and the private sector alike to invest more in AI, data centers, and chipmaking.
The funds are slated for deployment over the next three years. “This investment will not only incentivize local entrepreneurs but also support the localization of global talent,” said Wa’ed’s acting CEO Anas Al Gahtani.
Aramco ♥️ AI: The USD 500 mn VC fund made its first direct investments in the US and South Korea, writing tickets to both South Korean chipmaker Rebellions and California-based AI software platform company aiXplain in July. Wa’ed Ventures has also recently invested USD 14 mn Series A funding round in Dubai-based proptech startup Stake, and contributed to robo-advisory Abyan Capital’s series A round in May.
IN OTHER STARTUP NEWS-
Homegrown agri-tech startup Nabt raised SAR 5.6 mn in a seed funding round led by Merak Capital, with contributions from unnamed angel investors, according to a press release. The fresh funds will enable Nabt to fast-track product development and broaden its market presence. Nabt aims to transform the fresh produce supply chain by directly connecting farmers with businesses through a B2B marketplace. Information about the structure of the investment, and the size of the stake the investors get in return wasn’t disclosed.
