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05-08-21
Saudi Arabia-based AI startup Intelmatix ends its first investment round
(MENAFN) Saudi Arabia-based AI startup Intelmatix ended its first investment round managed by STV, Mena’s largest venture capital fund, and Sultan Holdings, a leading strategic investor in some of Mena’s largest companies.
According to Intelmatix Co-Founder and CEO Anas Alfaris, Wamda, “Artificial Intelligence offers opportunities worth billions,” adding that “In the Saudi Arabian market alone, Location Intelligence opportunities exceed SR2 billion annually, and globally, the value is more than SR100 billion each year.”
Headquartered in the Saudi capital Riyadh, Intelmatix, posted on Twitter that it is content to declare the ending and inaugurate of its operations in Riyadh, London and Boston.
Sultan Holdings Chairman Naif Bin Sultan Bin Muhammad bin Saud Al Kabeer further declared that “We recognize the revolution occurring today in the business world due to artificial intelligence and advanced analytics,” saying, “For us, Intelmatix is more than an investment, it is a key strategic step to advance the prospects of AI adoption and enablement in the business sector.”
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