The oil producer’s $500 million venture fund hopes to back startups that can help Saudi Arabia become the Middle East’s artificial intelligence technology hub.
Wa-ed Ventures and the startup AIXplain team
Oil and gas producer Saudi Aramco’s $500 million Wa’ed Ventures fund has set aside $100 million to invest in artificial intelligence technology.
“Our strategic decision to allocate capital to AI investments is rooted in our deep understanding of Saudi Arabia’s growing ecosystem,” Anas Al-Ghatani, acting CEO of Wa’ed Ventures, said of the move. said in a clarifying statement.
“By fostering innovation and supporting AI startups, we aim to accelerate the development of cutting-edge technologies that will drive economic growth, improve quality of life, and position Saudi Arabia as a global leader in artificial intelligence. This investment will not only encourage local entrepreneurs, but also support the localization of global talent and ultimately unlock the immense potential of AI.”
Wa’ed Ventures was founded nearly a decade ago to invest in local startups and early-stage companies with frontier technologies that could be integrated into Aramco’s markets. We provide up to $20 million in capital per transaction.
The investment unit has assembled an AI advisory board that includes members with academic backgrounds, as well as policy-making, research-conducting, and entrepreneurial aspirations.
The move comes after Wa’ed led a $15 million extension to South Korean AI chipmaker Rebellion’s Series B round in July this year, and a $6.5 million extension to US-based AI development infrastructure provider AiXplain. This comes after leading the Series A round. month.
robert lavigne
Robert Lavine is Features Editor at Global Venturing.
