Intelmatix, a leading deep-tech AI company, has successfully raised $20 million in funding at the closure of Saudi Arabia’s largest AI Series A round. 

The Deep-tech AI firm garnered investments from both 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.

This strong backing for Intelmatix comes as Saudi Arabia ramps up its efforts to grow its AI sector, marked by the launch of a $40 billion AI fund in March 2024. The goal is to become the world's largest AI investor and diversify the economy beyond oil. Founded by MIT scientists, the company aims to bridge the region’s AI gap in technology and human capital, with its flagship product, the Enterprise Decision Intelligence Platform (EDIX), becoming the world's most accessible enterprise AI platform. The platform is designed to be user-friendly for everyone in an organisation, from the boardroom to the shop floor, maximising AI's impact and accelerating technology adoption without requiring highly skilled AI talent.

Commenting on the fundraising event, H.E Dr. Nabeel Koshak, CEO and Board Member at SVC said, “Our investment in AI is driven by our commitment to unlock deep tech and AI’s contribution to the Saudi economy.” 

Ibrahim Neyaz, CEO of the National Technology Development Program (NTDP), also 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.” Intelmatix is one of the first companies to be supported by NTDP, an initiative of the Saudi Ministry of Communications and Information Technology.

Anas Alfaris, Intelmatix’s co-founder and CEO expressed, “EDIX is a one-stop-shop for organisations across industries needing AI capabilities to enhance their productivity without worrying about the AI skills shortage or the considerable investment of building versus buying,”

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

Bader Al-Kharafi, chairman of the Zain Group, also commented: “Enterprises that could never afford the time and outlay to develop their AI capabilities can rely on Intelmatix’s technology to boost their productivity.”

Yousef Albabtain, Partner at Shorooq Partners stated, "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."