Saudi Startups Continue to Attract Major AI Investments
In Saudi Arabia, the increasing awareness of the impact of artificial intelligence is evident as startups in the country continue to secure significant funding. The latest AI funding round in the Kingdom received a boost from Abu Dhabi’s venture capital firm Shorooq Partners, fueling Saudi-based Intelmatix’s $20 million series A round.
Joining the investment were several Saudi firms, including state-owned Saudi Venture Capital Co., Saudi Technology Ventures, Olayan Financing Co., Sultan Holdings, Rua Growth Fund, and Kuwait’s Zain Ventures. This investment reflects a growing confidence in Intelmatix’s potential, aligning with Saudi Arabia’s strategic focus on AI highlighted by the launch of a $40 billion fund dedicated to the sector earlier this year.
Founded in 2021 by Massachusetts Institute of Technology scientists Anas Al-Faris, Almaha Al-Malki, and Ahmad Alabdulkareem, Intelmatix provides accessible AI and advanced analytics to enhance operations, productivity, growth, and sustainability in both the public and private sectors.
Synapse Analytics Raises $2M to Expand AI Solutions
Egypt-based Synapse Analytics, a startup specializing in AI-driven decision-making solutions, secured $2 million in funding led by Silicon Badia and Hub71. The investment aims to expand Synapse’s AI technologies across the Gulf region and Africa, particularly focusing on the financial sector.
Synapse Analytics offers tools for credit scoring, cross-selling, and dynamic pricing to promote financial inclusion. The company’s CEO, Ahmed Abaza, emphasized the transformative role of AI in making financial inclusion a reality in the MEA region.
Educatly Secures $2.5M Funding for Global Expansion
Egyptian higher education network Educatly raised $2.5 million in funding led by TLcom Capital and Plus VC to support students in navigating educational opportunities worldwide using advanced AI and language models.
Since its launch in 2020, Educatly has expanded across the Middle East and Africa, providing information on over 1,100 universities in 90 countries. CEO Mohmmed El-Sonbaty reaffirmed the platform’s commitment to bridging the gap between students’ needs and available opportunities.
Cartona Secures $8.1M Series A Extension for Growth
Cartona, a digital platform for Egypt’s traditional trade market, completed an $8.1 million series A extension led by Algebra Ventures. The funding will accelerate growth across various sectors and explore regional expansion opportunities in the Middle East and North Africa.
CEO Mahmoud Talaat highlighted the positive progress of Cartona’s operational and financial metrics, attracting capital from both existing and new investors to serve over 188,000 retailers in 17 Egyptian cities.
Velents Focuses on Gender Equality with Special Investment Round
Velents closed a special investment round with Women Collective to accelerate the growth of women as investors and board members, leveraging AI to enhance organizational productivity. The funding aims to create a more inclusive investment ecosystem and drive positive change in the tech industry.
MNT-Halan Expands Digital Financial Services with Acquisition of Tam Finans
MNT-Halan, Egypt’s largest non-bank financial institution, acquired Turkey’s Tam Finans to enhance its reach in the Turkish market. The acquisition aims to leverage Tam Finans’ credit models and distribution capabilities with MNT-Halan’s technology and financial services to expand product offerings and customer base.
Founder and CEO Mounir Nakhla expressed confidence in the strategic partnership, while Tam Finans CEO Hakan Karamanli emphasized the shared ethos of expanding access to innovative financial services.