Saudi Arabia’s Ministry of Communications and Information Technology, in partnership with King Abdullah University of Science and Technology (KAUST) and Hello Tomorrow, has published a report on the Kingdom’s deep tech ecosystem.
The study, entitled Mapping Saudi Arabia’s Deep Tech Ecosystem found that Saudi deep tech startups have raised over $100 million in funding since 2020.
Deep tech, or deep technology, is a term used to describe advanced technologies that are based on scientific or engineering innovations. Deep tech companies focus on developing innovative solutions to address major societal challenges, such as climate change, food production, and chronic diseases. They often prioritize areas like artificial intelligence, quantum computing, and biotechnology.
“Although deep tech has recently risen in priority on the government’s agenda, the sector has long been underserved with a limited ecosystem of talent, resources and research programmes, coupled with a lack of funding. The new focus on deep tech is driven by a national ambition to become a technology leader, fund R&D to develop valuable intellectual property (IP) in Saudi Arabia and leverage new industries to help diversify the economy. The Kingdom is both scaling its research and innovation capacity, and taking steps to make the country attractive to local and global high tech startup ventures. The ecosystem remains small in global terms, but has become fast growing and increasingly vibrant as a result.”
