Intelmatix Secures $20 Million in Series A
Intelmatix, a Saudi Arabia-based deep-tech artificial intelligence startup, has secured $20 million in Series A funding.
Intelmatix, a Saudi Arabia-based deep-tech artificial intelligence startup, has secured $20 million in Series A funding.
Investors
The round was led by Shorooq Partners, with participation from a mix of public and private regional institutions, including Saudi Venture Capital Company (SVC), Saudi Technology Ventures (STV), Olayan Financing Company, Sultan Holdings, Zain Ventures, and Rua Growth Fund.
Founded in 2017, Shorooq Partners is a venture capital firm based in Abu Dhabi, United Arab Emirates, with additional offices in Riyadh, Manama, Cairo, and Dubai. The firm prefers to invest in companies operating in technology, fintech, game tech, climate, cleantech, crypto, and web 3.0 sectors.
Intelmatix Use of Funds
The company will use the funding to enhance AI accessibility for public and private enterprises across the MENA region and beyond.
About Intelmatix
Founded in 2021 by Anas Alfaris, Ahmed Alabdulkareem, and Almaha Almalki, Intelmatix focuses on bridging the AI gap in the region with its flagship product, the Enterprise Decision Intelligence Platform (EDIX). This platform enhances AI cognition and enables autonomous business decision-making, catering to various industries such as retail, logistics, and telecommunications. The company operates in Riyadh, London, and Boston and serves a diverse clientele, including regional SMEs and government sectors.
Funding Details
Company: Intelmatix
Raised: $20.0M
Round: Series A
Funding Month: August 2024
Lead Investors: Shorooq Partners
Additional Investors: Saudi Venture Capital Company (SVC), Saudi Technology Ventures (STV), Olayan Financing Company, Sultan Holdings, Zain Ventures, Rua Growth Fund
Company Website: https://intelmatix.ai/
Software Category: AI Decision Intelligence
