The Middle Eastern deep-tech AI startup, Intelmatix, has secured $20 million in Series A funding.
Dr. Nabeel Koshak, CEO and Board Member at SVC confirmed the funding in a press release on Tuesday.
As per the release, the company received financing from several regional public and private entities, including Saudi Venture Capital Company (SVC), Saudi Technology Ventures (STV), Olayan Financing Company, Sultan Holdings, Zain Ventures, and Rua Growth Fund, with Shorooq Partners leading the group.
The business, which has locations in Riyadh, Saudi Arabia; London, U.K.; and Boston, U.S. was founded back in 2021 but only released its enterprise AI platform, EDIX, in March 2024.
With features that cater to all user types inside a business, from the shop floor to the boardroom, EDIX aims to be the most user-friendly enterprise artificial intelligence platform in the world.
In addition to maximising its impact and quickening adoption throughout the company, this also does away with the requirement for highly qualified AI personnel.
“EDIX is the one-stop-shop for organisations across industries needing AI capabilities to enhance their productivity without worrying about the AI skills shortage or the considerable investment of build versus buy,” said Intelmatix’s co-founder and CEO, Anas Alfaris.
Koshak said: “Our investment in AI is driven by our commitment to unlock deep tech and AI’s contribution to the Saudi economy.”
Nrwsng gathered that this resounding endorsement of Intelmatix aligns with Saudi Arabia’s heightened emphasis on AI, demonstrated by the establishment of a $40 billion AI fund in March 2024.
The purpose of this program is to propel the nation’s economic diversification away from oil and establish it as the largest AI investor in the world.
We earlier reported that months after announcing a $400 million investment to become Egypt’s first unicorn, MNT-Halan has raised $157.5 million in a new funding round to drive its expansion beyond Egypt.
