Riyadh, Saudi Arabia – Intelmatix, a leading deep-tech AI company, announced today the successful closure of a $20 million Series A funding round. This round, led by Shorooq Partners, attracted investments from public and private institutions in the region, including Saudi Venture Capital Company (SVC), Saudi Technology Ventures (STV), Olayan Financing Company, Sultan Holdings, Zain Ventures, and Rua Growth Fund.

This strong vote of confidence in Intelmatix coincides with Saudi Arabia's intensified focus on Artificial Intelligence, marked by the launch of a $40 billion AI fund in March 2024. This initiative is designed to position the nation as the world's largest AI investor and to drive the country’s economic diversification beyond oil. 

His Excellency Dr 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.”  

The Saudi Ministry of Communications and Information Technology has also deployed the National Technology Development Program (NTDP). Ibrahim Neyaz, CEO of the NTDP Program, 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.” One of the first companies to be supported by NTDP’s initiatives was Intelmatix.

Founded by MIT scientists, Intelmatix was created to address the region’s AI gap in technology and human capital through its flagship product, the Enterprise Decision Intelligence Platform (EDIX). EDIX seeks to be the world’s most accessible Enterprise AI platform, designed to be user-friendly for all types of users within an enterprise, from the boardroom to the shop floor. This maximizes its impact and accelerates adoption across the organization while eliminating the need for highly skilled AI talent.

“EDIX is the 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 build versus buy,” said Intelmatix’s co-founder and CEO, Anas Alfaris.

Nabeel Al Amudi, CEO of Olayan Financing Company, stated: “Intelmatix’s AI product offering is sorely needed by businesses in the region for decision support and AI adoption.” 

The chairman of the Zain Group, Bader Al-Kharafi, commented: “Enterprises that could never afford the time and outlay to develop their AI capability 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."

For more information about Intelmatix, visit its website.

About Intelmatix
Intelmatix is a leading deep-tech AI company with operations in Riyadh, London, and Boston. By leveraging Artificial Intelligence (AI) and Decision Intelligence (DI), Intelmatix empowers enterprises to overcome challenges and make faster, more accurate decisions leading to better outcomes. For more information, visit www.intelmatix.ai.

Media Contact:
Andrea Frino
Chief Business Officer
a.frino@intelmatix.ai

About Shorooq Partners
Founded in 2017, Shorooq Partners is the leading alternative investment manager across the Middle East and North Africa regions. The firm’s venture capital and private credit funds invest in the most innovative technology companies. The firm has built deep sectoral expertise in Fintech, Platforms, Software, Gaming and Web3.0. Shorooq Partners has backed market leading disruptors including Pure Harvest Smart Farms, Nymcard, Tamara, Sarwa, Lean Technologies, TruKKer, Mozn and Lendo. 

Since its inception, Shorooq Partners was built on the principle of being founders’ partners, company builders and value investors.Shorooq Partners is a pan regional firm with direct and indirect presence across Abu Dhabi, Dubai, Riyadh, Egypt and Korea.

Shorooq Partners refers to a group of companies that are affiliates of each other and which operate under this business name, of which Shorooq Partners Ltd (regulated by the ADGM Financial Services Regulatory Authority FSRA FSP: 190004) is a member.

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