Intelmatix, a deep-tech AI company from the Middle East has landed $20 million in Series A funding. This round was led by Shorooq Partners alongside investments from Saudi Venture Capital Company (SVC), Saudi Technology Ventures (STV), Olayan Financing Company, Sultan Holdings, Zain Ventures, and Rua Growth Fund.
This investment coincides with Saudi Arabia’s intensified focus on AI, which is evident from the launch of a $40 billion AI fund in March 2024. Reportedly, this is among the largest Series A investments for an AI firm in the Middle East and North Africa. The funds will be used to develop the firm’s product offering and geographical expansion.
What is it necessary?
Successful enterprises are led by their ability to make decisions with speed and accuracy. Although most enterprises still depend on humans to make decisions, machines could support and/or control decision-making for enterprise functions and processes. We are at a point in time in which a new synergy between humans and machines is being established to drive the enterprise to achieve accelerated growth.
What does Intelmatix do?
Founded by MIT scientists – Ahmad Alabdulkareem, Almaha Almalki, Anas Alfaris, Intelmatix with operations in Riyadh, London, and Boston, was created to address the region’s AI gap in technology and human capital through its flagship product, the Enterprise Decision Intelligence Platform (EDIX).
EDIX seeks to be the world’s most accessible Enterprise AI platform, designed to be user-friendly for all types of users within an enterprise, from the boardroom to the shop floor. It maximises its impact and accelerates adoption across the organisation while eliminating the need for highly skilled AI talent.
Leveraging AI and Decision Intelligence (DI), Intelmatix empowers enterprises to overcome challenges and make faster, more accurate decisions leading to better outcomes.
His Excellency Dr Nabeel Koshak, CEO and Board Member at SVC commented: “Our investment in AI is driven by our commitment to unlock deep tech and AI’s contribution to the Saudi economy.”
The Saudi Ministry of Communications and Information Technology has also deployed the National Technology Development Program (NTDP). Ibrahim Neyaz, CEO of the NTDP Program, 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.”
“EDIX is the 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 build versus buy,” said Intelmatix’s co-founder and CEO, Anas Alfaris.
Nabeel Al Amudi, CEO of Olayan Financing Company, stated: “Intelmatix’s AI product offering is sorely needed by businesses in the region for decision support and AI adoption.”
The chairman of the Zain Group, Bader Al-Kharafi, commented: “Enterprises that could never afford the time and outlay to develop their AI capability can rely on Intelmatix’s technology to boost their productivity.”
Yousef Albabtain, Partner at Shorooq Partners, said: “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.”
What do we think about IntelMatix?
With its Enterprise Decision Intelligence Platform (EDIX), the company is set to transform decision-making in enterprises across the Middle East and beyond. By democratising access to AI and Decision Intelligence, it enables faster, more accurate decisions without the need for specialised AI talent. It is all set to bridge the AI gap and drive accelerated enterprise success globally.
