RIYADH: Saudi Arabia-based AI startup Intelmatix has closed its first investment round led by STV, Mena’s largest venture capital fund, and Sultan Holdings, a leading strategic investor in some of Mena’s largest companies.
“Artificial Intelligence offers opportunities worth billions,” Intelmatix Co-Founder and CEO Anas Alfaris, Wamda reported, citing a statement. “In the Saudi Arabian market alone, Location Intelligence opportunities exceed SR2 billion annually, and globally, the value is more than SR100 billion each year.”
Intelmatix, headquartered in the Saudi capital Riyadh, said on its official Twitter account it is pleased to announce the closing and launch of its operations in Riyadh, London and Boston.
“We recognize the revolution occurring today in the business world due to artificial intelligence and advanced analytics,” said Sultan Holdings Chairman Naif Bin Sultan Bin Muhammad bin Saud Al Kabeer. “For us, Intelmatix is more than an investment, it is a key strategic step to advance the prospects of AI adoption and enablement in the business sector.”
Intelmatix, founded by MIT graduates, is a pioneer in accessible AI and advanced analytics that deliver technologies that improve operations, productivity, growth, and sustainability for governments and the private sector.
“The Intelmatix team is made of the brightest minds in the region, and they have the ability and vision to make the company a major global AI player,” STV’s founder and CEO, Abdulrahman Tarabzouni said.
Global technology foresight firms report that the revenues from artificial intelligence in the Middle East will exceed SR1 trillion during the next 10 years, half of which is expected to be in the Saudi market, where AI will contribute at least SR500 billion to the Saudi economy by 2030.