Intelmatix Secures $20 Million Series A Funding Led by Shorooq Partners

Intelmatix, a leading AI and deep tech company, has successfully closed a $20 million Series A funding round led by Shorooq Partners. The round saw participation from Saudi Venture Capital Company (SVC), STV, Olayan Financing Company, Sultan Holdings, Zain Ventures, and Vision Ventures.

Founded by MIT scientists, Intelmatix aims to address the AI and human capital gap in the region through its flagship product, the Enterprise Decision Intelligence platform (EDIX). The company operates in Riyadh, London, and Boston.

Commenting on the investment, Dr. Nabeel Koshak, CEO and Board Member of SVC, said, "Our investment in AI companies reflects our commitment to launching deep tech and AI technologies in the Saudi economy."

Ibrahim Niaz, CEO of the National Technology Development Program (NTDP), stated, "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."

Anas Alfaris, co-founder and CEO of Intelmatix, said, "EDIX is the one-stop-shop for organizations across industries needing AI capabilities to enhance their productivity without worrying about the AI skills shortage or the considerable investment of build versus buy."

Nabeel Al-Amoudi, CEO of Olayan Financing Company, added, "Intelmatix’s AI product offering is sorely needed by businesses in the region for decision support and AI adoption."

Bader Al-Kharafi, Chairman of Zain Group, 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."

Yusuf Al-Babtain, Partner at Shorooq Partners, concluded, "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."