In a significant development for the Middle Eastern tech sector, Saudi Arabia-based artificial intelligence company Intelmatix has successfully raised $20 million in a Series A funding round. This investment marks a crucial milestone for the deep-tech startup and underscores the growing importance of AI in the region's economic landscape.

Funding Details

The funding round was spearheaded by Shorooq Partners, with substantial contributions from a diverse group of investors. Participants included Saudi Venture Capital Company (SVC), Saudi Technology Ventures (STV), Olayan Financing Company, Sultan Holdings, Zain Ventures, and Rua Growth Fund. This impressive roster of backers demonstrates strong regional support for Intelmatix's vision and potential.

Company Background

Intelmatix was established in 2021 by a team of MIT graduates, including co-founders Anas Alfaris, Almaha Almalki, and Ahmad Abdulkareem. The company's mission is to bridge the AI gap in both technology and human capital within the Middle East and North Africa (MENA) region.

Flagship Product: EDIX

At the heart of Intelmatix's offering is the Enterprise Decision Intelligence Platform (EDIX). This innovative platform aims to democratize AI adoption by providing an accessible, user-friendly interface suitable for all levels of an organization. EDIX is designed to enhance productivity and accelerate AI integration without requiring extensive in-house AI expertise.

Alignment with Saudi Arabia's AI Ambitions

The success of Intelmatix aligns closely with Saudi Arabia's recent push into artificial intelligence. In March 2024, the kingdom launched a $40 billion AI fund, positioning itself as a global leader in AI investment. This initiative forms part of Saudi Arabia's broader strategy to diversify its economy beyond oil dependence.

Support from National Initiatives

Intelmatix has benefited from support through the National Technology Development Program (NTDP), an initiative of the Saudi Ministry of Communications and Information Technology. This program aims to foster AI adoption, support deep-tech startups, and develop AI talent within the kingdom.

Investor Perspectives

Several key investors shared their thoughts on the funding round. Dr. Nabeel Koshak, CEO of SVC, emphasized the importance of AI in contributing to the Saudi economy. Nabeel Al Amudi, CEO of Olayan Financing Company, highlighted the pressing need for Intelmatix's AI solutions in regional businesses. Bader Al-Kharafi, Chairman of Zain Group, noted how Intelmatix's technology could benefit enterprises previously unable to invest in AI capabilities. Yousef Albabtain of Shorooq Partners expressed commitment to supporting disruptive AI technologies in the MENA region.

The successful Series A funding round for Intelmatix represents a significant step forward for AI development in Saudi Arabia and the broader MENA region. As the company continues to grow and refine its EDIX platform, it is well-positioned to play a crucial role in the kingdom's AI-driven economic transformation. With strong backing from both public and private sectors, Intelmatix exemplifies the potential for homegrown tech innovation to address regional challenges and drive economic diversification.