Google and Saudi-based VC firm STV announced a strategic partnership to accelerate AI, Could, and Digital Growth adoption across Saudi and MENA’s tech venture ecosystem.
This first-of-its-kind strategic partnership will include capacity building and hands-on training for tech startups on Google Ads and Cloud products such as Vertex AI, Bard, Big Query, and Search.
Google and STV will also launch an AI-first accelerator for tech startups across the Middle East and North Africa that aims to empower these companies to use AI-powered Google products.
This comes at a time when technology startups around the globe are shifting gears toward cost efficiency and sustainable growth in response to the evolving funding landscape.
This announcement affirms STV and Google’s commitment to supporting tech startups in the Middle East and North Africa by giving access to AI-first tools and solutions. According to Magnitt, tech startups witnessed an exponential surge in growth across the region, the VC ecosystem was able to surpass the monumental $3 billion mark in 2022, unlocking an unprecedented funding record for the region.
A Spokesperson at Google said “Google is committed to helping equip tech entrepreneurs across the region to leverage innovative solutions and best practices for their businesses.
Through our partnership with STV, we hope to provide bespoke support, mentorship, and access to Google’s AI-powered products, to support the growth and development of startups across the Middle East and North Africa”.
On the other side, STV commented: “We witnessed firsthand the amount of resources startups allocate to the products and services of global technology companies like Google. We want to take this further and deeper. This first-of-its-kind partnership with Google, especially around AI, builds on our capabilities of empowering the region’s tech ecosystem.”
Since its launch in 2018, STV has invested in a growing portfolio of 30 sector winners across Saudi Arabia and MENA. The strategic alliance between STV and Google is expected to fuel the growth of these companies and many others in the future.
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