{"id":50803,"date":"2024-07-30T12:58:11","date_gmt":"2024-07-30T09:58:11","guid":{"rendered":"https:\/\/saudishopper.com.sa\/en\/?p=50803"},"modified":"2026-03-28T06:15:09","modified_gmt":"2026-03-28T03:15:09","slug":"intelmatix-secures-20m-in-regions-largest-ai-series-a-funding-round","status":"publish","type":"post","link":"https:\/\/saudishopper.com.sa\/en\/intelmatix-secures-20m-in-regions-largest-ai-series-a-funding-round\/","title":{"rendered":"Intelmatix\u00a0Secures $20M in Region\u2019s Largest AI Series A Funding Round"},"content":{"rendered":"\n<p class=\"has-text-align-center wp-block-paragraph\">Shorooq Partners led the public and private investment in Intelmatix to make AI accessible to enterprises in the MENA region.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Riyadh, Saudi Arabia \u2013 July 30th, 2024<\/strong>\u00a0\u2013 Intelmatix, a leading deep-tech AI company, announced today that it successfully raised $20 million in funding at the closure of the region\u2019s largest AI Series A round. The company attracted investments from public and private institutions in the region, led by Shorooq Partners. Other investors include Saudi Venture Capital Company (SVC), Saudi Technology Ventures (STV), Olayan Financing Company, Sultan Holdings, Zain Ventures, and Rua Growth Fund.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/saudishopper.com.sa\/en\/wp-content\/uploads\/2024\/07\/Anas-Alfaris-Intelmatix-CEO_ssict_1200_1800.webp\"><img loading=\"lazy\" decoding=\"async\" width=\"683\" height=\"1024\" src=\"https:\/\/saudishopper.com.sa\/en\/wp-content\/uploads\/2024\/07\/Anas-Alfaris-Intelmatix-CEO_ssict_1200_1800-683x1024.webp\" alt=\"Anas Alfaris Intelmatix CEO_ssict_1200_1800\" class=\"wp-image-50804\" srcset=\"https:\/\/saudishopper.com.sa\/en\/wp-content\/uploads\/2024\/07\/Anas-Alfaris-Intelmatix-CEO_ssict_1200_1800-683x1024.webp 683w, https:\/\/saudishopper.com.sa\/en\/wp-content\/uploads\/2024\/07\/Anas-Alfaris-Intelmatix-CEO_ssict_1200_1800-200x300.webp 200w, https:\/\/saudishopper.com.sa\/en\/wp-content\/uploads\/2024\/07\/Anas-Alfaris-Intelmatix-CEO_ssict_1200_1800-768x1152.webp 768w, https:\/\/saudishopper.com.sa\/en\/wp-content\/uploads\/2024\/07\/Anas-Alfaris-Intelmatix-CEO_ssict_1200_1800-1024x1536.webp 1024w, https:\/\/saudishopper.com.sa\/en\/wp-content\/uploads\/2024\/07\/Anas-Alfaris-Intelmatix-CEO_ssict_1200_1800-1080x1620.webp 1080w, https:\/\/saudishopper.com.sa\/en\/wp-content\/uploads\/2024\/07\/Anas-Alfaris-Intelmatix-CEO_ssict_1200_1800.webp 1200w\" sizes=\"(max-width: 683px) 100vw, 683px\" \/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">This strong vote of confidence in Intelmatix coincides with Saudi Arabia&#8217;s intensified focus on developing the national artificial intelligence sector, highlighted by the&nbsp;<a href=\"https:\/\/www.nytimes.com\/2024\/03\/19\/business\/saudi-arabia-investment-artificial-intelligence.html\">launch of a $40 billion AI<\/a>&nbsp;fund in March 2024. This initiative aims to position the nation as the world&#8217;s largest AI investor and to drive the country\u2019s economic diversification beyond oil.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">His Excellency Dr. Nabeel Koshak, CEO and Board Member at&nbsp;<a href=\"https:\/\/svc.com.sa\/en\/\">SVC<\/a>&nbsp;commented: \u201cOur investment in&nbsp;AI&nbsp;is driven by our commitment to unlock deep tech and AI\u2019s contribution to the Saudi economy.\u201d&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Echoing similar sentiments, Ibrahim Neyaz, CEO of the National Technology Development Program (<a href=\"https:\/\/ntdp.gov.sa\/ar\/about\">NTDP<\/a>), added: \u201cWe 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.\u201d Intelmatix is one of the first companies to be supported by NTDP, an initiative of the Saudi Ministry of Communications and Information Technology.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">MIT scientists founded Intelmatix to address the region\u2019s AI gap in technology and human capital. Its flagship product, the Enterprise Decision Intelligence Platform (EDIX), seeks to be the world\u2019s most accessible enterprise AI platform. EDIX is designed to be user-friendly for all types of users within an enterprise, from the boardroom to the shop floor, thereby maximizing the impact of AI and accelerating technology adoption across organizations while eliminating the need for highly skilled AI talent.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cEDIX is a 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 building versus buying,\u201d said Intelmatix\u2019s co-founder and CEO, Anas Alfaris.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Nabeel Al Amudi, CEO of&nbsp;<a href=\"https:\/\/olayan.com\/\">Olayan Financing Company<\/a>, stated: \u201cIntelmatix\u2019s AI product offering is sorely needed by businesses in the region for decision support and AI adoption.\u201d&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Similarly, Bader Al-Kharafi, chairman of the&nbsp;<a href=\"https:\/\/www.zain.com\/en\">Zain Group<\/a>, commented: \u201cEnterprises that could never afford the time and outlay to develop their AI capabilities can rely on Intelmatix\u2019s technology to boost their productivity.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Yousef Albabtain, Partner at&nbsp;<a href=\"https:\/\/www.shorooq.com\/\">Shorooq Partners<\/a>, said: &#8220;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.&#8221;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Shorooq Partners led the public and private investment in Intelmatix to make AI accessible to enterprises in the MENA region. Riyadh, Saudi Arabia \u2013 July 30th, 2024\u00a0\u2013 Intelmatix, a leading deep-tech AI company, announced today that it successfully raised $20 million in funding at the closure of the region\u2019s largest AI Series A round. The [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":50804,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_yoast_wpseo_meta-robots-noindex":"","_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","_pr_autopilot_social_copy":"","_yoast_wpseo_opengraph_title":"","_yoast_wpseo_opengraph_description":"","_yoast_wpseo_opengraph_image":"","_yoast_wpseo_opengraph_image_id":0,"_yoast_wpseo_twitter_title":"","_yoast_wpseo_twitter_description":"","_yoast_wpseo_twitter_image":"","_yoast_wpseo_twitter_image_id":0,"_yoast_wpseo_primary_category":24,"_extra_hide_author_box":"","_extra_featured_post":"","_partner_post_id":0,"footnotes":""},"categories":[449,24],"tags":[],"class_list":["post-50803","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ai","category-economy","et-has-post-format-content","et_post_format-et-post-format-standard"],"yoast_head":"<!-- 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