Intelmatix, an innovative AI startup founded by Saudi graduates from the Massachusetts Institute of Technology, has secured a significant $20 million investment led by Abu Dhabi-based Shorooq Partners. The funding, which is one of the largest Series A rounds for an AI firm in the MENA region, will enable Intelmatix to enhance its product offerings and expand its geographical reach. Other notable investors in the round include Olayan Financing Company, Saudi Venture Capital Company, and Saudi Technology Ventures.
While Intelmatix was initially founded in Boston, the company has since established operations in Riyadh and London, positioning itself as a key player in providing businesses with advanced AI solutions. The startup’s platform is designed to help enterprises leverage artificial intelligence for improved decision-making and operational efficiency.
This substantial investment reflects a broader regional trend, as countries like Saudi Arabia and the United Arab Emirates increasingly invest in advanced technologies to diversify their oil-dependent economies. Both nations are channeling tens of billions of dollars into sectors like AI to foster innovation and economic growth.
Shorooq Partners, known for its active investment in agri-tech and fintech, is a leading technology investor in the Middle East. The firm is supported by major sovereign wealth funds, including Abu Dhabi’s Mubadala Investment Company and ADQ, as well as the Korean Venture Investment Corporation. This investment in Intelmatix underscores the firm’s commitment to supporting technological advancements and economic diversification in the region.
