Intelmatix, a deep-tech artificial intelligence (AI) company, has closed its investment round led by STV, MENA’s largest venture capital fund, and Sultan Holdings, a strategic investor in some of the MENA’s largest companies.
Intelmatix, which is headquartered in Riyadh, is a pioneer in accessible AI and advanced analytics that delivers technologies to improve operations, productivity, growth and sustainability for governments and the private sector.
Global technology foresight firms report that the revenues from AI in the Middle East will exceed SR1 trillion ($267 billion) during the next 10 years, half of which are expected to be in the Saudi market, where AI will contribute at least SR500 billion to the Saudi economy by 2030.
Chairman of Sultan Holdings Prince Naif bin Sultan Bin Muhammad bin Saud Al-Kabeer said: “We recognize the revolution occurring today in the business world due to AI and advanced analytics. 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.”
Abdulrahman Tarabzouni, STV’s founder and chief executive, said: “We are excited to partner with Intelmatix on its journey toward harnessing deep-tech for advancing the horizons of AI and reaching new frontiers of its application. 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.”
Intelmatix was founded by a group of MIT graduates with a proven track record and extensive experience in delivering advanced technologies and solutions. The startup seeks to become the leading deep-tech AI and data analytics company in the MENA, with a global presence through its operations in Riyadh, the Saudi capital, the UK capital London, and the American city of Boston.
In its current phase, Intelmatix focuses on location intelligence which maps the relationships between spatial, social, economic and demographic data and makes predictions using AI and advanced analysis to solve problems of “where, what, when?”
Anas Alfaris, co-founder and chief executive of Intelmatix, said: “Artificial intelligence offers opportunities worth billions. In the Saudi Arabian market alone, location intelligence opportunities exceed SR2 billion annually, and globally, the value is more than SR100 billion each year.”
He added: “The idea of Intelmatix was not born overnight. Our strategy crystallized through years of collaboration between the R and D sector and the business sector. Then Saudi Vision 2030 provided the regulatory and technical enablers to support the launch of Intelmatix by providing the ideal innovation environment.”
Ahmad Alabdulkareem, co-founder and chief technology officer at Intelmatix, said “Through our world‑class, diverse team of technology leaders, engineers, analysts, developers, and business experts, we develop smart and effective solutions and products to address the problems facing our customers in various sectors within the region.”