Intelmatix Bags $20Mn in Region's Largest AI Series A Round
The funding, led by Shorooq Partners, attracted investments from public and private institutions.
Intelmatix, a deep-tech AI company, has concluded a $20 million Series A round, the region’s largest AI investment round. The funding, led by Shorooq Partners, attracted investments from public and private institutions including Saudi Venture Capital Company (SVC), Saudi Technology Ventures (STV), Olayan Financing Company, Sultan Holdings, Zain Ventures, and Rua Growth Fund.[1]
Founded in 2021 by a group of MIT graduates led by Anas Alfaris and Ahmad Alabdulkareem, Intelmatix addresses the region’s technology and human capital gaps with its flagship product, the Enterprise Decision Intelligence Platform (EDIX). EDIX is designed to democratize Enterprise AI, making it accessible and user-friendly across all levels of an organization, from executives to operational staff.
Headquartered in Riyadh, with additional operations in London and Boston, Intelmatix utilizes AI and Decision Intelligence (DI) to help enterprises make informed decisions swiftly and accurately. Their technology focuses particularly on "location intelligence," using AI and advanced analytics to analyze spatial, social, economic, and demographic data. This capability provides crucial insights for strategic business decisions such as optimal site selection for expansion, land investment choices, and logistics optimization.
In August 2021, Intelmatix secured an undisclosed investment round, led by STV and Sultan Holdings.[2]
The Saudi Arabian government previously introduced an initiative to boost its AI sector with a proposed $40 billion investment fund.
The fund, expected to kick off in the latter half of 2024, aims to support various AI-related ventures, including startups focusing on chip manufacturing and data centers.