Intelmatix secure $20 Million Series A: A New Era for AI in MENA

by | Jul 30, 2024 | Investment Analysis, Startups News | 0 comments

Intelmatix  a leading deep-tech AI company, has recently secured $20 million in Series A funding. Notably, Shorooq Partners led this landmark round, marking the largest AI Series A funding in MENA. This significant investment demonstrates strong support for AI innovation in the region.

Landmark Investment

In addition, Shorooq Partners took the lead in this funding round, with substantial contributions from Saudi Venture Capital Company (SVC), STV, Olayan Financing Company, Zain Group, Sultan Holdings, and Rua Growth Fund. Consequently, this broad support clearly shows high confidence in Intelmatix’s potential and its future impact.

Aligning with National Goals

Furthermore, Saudi Arabia’s National Technology Development Program (NTDP) also backs Intelmatix. This backing aligns seamlessly with Saudi Arabia’s $40 billion AI fund, which aims to position the country as a global leader in AI technology. As a result, Intelmatix is in a strong position to drive significant AI advancements in the region.

Revolutionizing AI Adoption

Moreover, Intelmatix’s flagship product, the Enterprise Decision Intelligence Platform (EDIX), will democratize AI access. By enabling organizations to leverage AI without needing specialized talent, EDIX will boost productivity and enhance data-driven decision-making across various industries.

The Future of AI in MENA

Overall, this $20 million Series A funding round represents a key moment for both Intelmatix and the AI sector in MENA. With strong backing from Shorooq Partners and other major investors, Intelmatix is poised to lead advancements in AI. This investment not only reflects growing confidence in the company but also highlights its potential to transform industries.

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