Wa’ed Ventures, the $500 million venture capital fund owned by Saudi Aramco, plans to invest $100 million in early-stage artificial intelligence startups.
Wa’ed Ventures was launched in 2013 to invest in startups locally, as well as in early-stage companies with frontier technology that can be integrated into Aramco’s markets. It provides up to $20m in capital per deal.
In addition to companies like Rebellions, a South Korean AI chipmaker, and aiXplain, a California-based company that develops AI infrastructure, Wa’ed has invested in a wide variety of companies in IoT, E-commerce, Fintech, Cloud and Super-Computing, Agtech, Edtech, Healthtech, energy and industrial applications and drones.
Anas Algahtani, acting chief executive of Wa’ed Ventures, recently announced that Wa’ed will devote $100 million in investment funds to early-stage artificial intelligence startups. Stating that:
“Our strategic decision to allocate funds to AI investments is rooted in a deep understanding of the Kingdom’s growing ecosystem. 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 incentivise local entrepreneurs but also support the localisation of global talent, ultimately unlocking the immense potential of AI.”
Wa’ed has already established and advisory board of experienced figures from within the AI industry including experts who have worked in Meta, Amazon, MIT, Oxford and other top-rank institutions.
As noted above, earlier this year Wa’ed led a $15m extension to Korean AI chipmaker Rebellion’s series B round as well as a $6.5m pre-series A round for AiXplain, a US-based provider of AI development infrastructure.
According to the company’s website, out of its portfolio of 70 companies, eight are AI startups, including ventures from as far back as 2015.
A recent PwC report concluded that Saudi Arabia’s gain from AI is expected to exceed other countries in the Middle East with an estimated $135 billion in value by 2030. This would position artificial intelligence as one of the leading economic drivers, composing more than 12% of the country’s total GDP by 2030.
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