– Intelmatix secures $20M in a Series A round led by Shorooq Partners, with participation from Saudi Venture Capital Company, Saudi Technology Ventures, Olayan Financing Company, Sultan Holdings, Zain Ventures, and Rua Growth Fund.

– The investment aligns with Saudi Arabia’s intensified focus on AI development**, coinciding with the launch of a $40 billion AI fund in March 2024, positioning the nation as the world’s largest AI investor and driving economic diversification beyond oil.

– Intelmatix aims to bridge the AI technology and human capital gap in the region** with its Enterprise Decision Intelligence Platform (EDIX), designed to maximize AI’s impact across organizations and streamline technology adoption without needing highly skilled AI talent.

Intelmatix, a deep-tech AI company, has raised $20 million in funding, marking the closure of the region’s largest AI Series A round, according to a company statement.

The investment was led by Shorooq Partners, with participation from both public and private institutions in the region. Other investors include Saudi Venture Capital Company (SVC), Saudi Technology Ventures (STV), Olayan Financing Company, Sultan Holdings, Zain Ventures, and Rua Growth Fund.

This significant investment in Intelmatix aligns with Saudi Arabia’s heightened focus on advancing its national artificial intelligence sector, highlighted by the launch of a $40 billion AI fund in March 2024. This initiative aims to position Saudi Arabia as the world’s largest AI investor and drive the nation’s economic diversification beyond oil.

Founded by MIT scientists, Intelmatix was created to address the region’s gap in AI technology and human capital.

Its flagship product, the Enterprise Decision Intelligence Platform (EDIX), aspires to be the world’s most accessible enterprise AI platform. Designed for users at all levels within an enterprise, from the boardroom to the shop floor, EDIX maximizes the impact of AI and accelerates technology adoption across organizations while reducing the need for highly skilled AI talent.

“EDIX is a 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 building versus buying,” said Intelmatix’s co-founder and CEO, Anas Alfaris.

Nabeel Koshak, CEO and Board Member at SVC commented: “Our investment in AI is driven by our commitment to unlock deep tech and AI’s contribution to the Saudi economy.” 

Echoing similar sentiments, Ibrahim Neyaz, CEO of the National Technology Development Program (NTDP), added: “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 one of the first companies to be supported by NTDP, an initiative of the Saudi Ministry of Communications and Information Technology.

Bader Al-Kharafi, chairman of the Zain Group, commented: “Enterprises that could never afford the time and outlay to develop their AI capabilities can rely on Intelmatix’s technology to boost their productivity.”

Yousef Albabtain, Partner at Shorooq Partners, said: “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.”