CAIRO: Increased awareness about the implications of artificial intelligence across the public and private sector is evident in Saudi Arabia as startups continue to raise large sums.
The latest AI funding round in the Kingdom was bolstered by Abu Dhabi’s venture capital firm Shorooq Partners to fuel Saudi-based Intelmatix’s $20 million series A round.
Several Saudi firms also joined in with state-owned Saudi Venture Capital Co. participating in the investment alongside Saudi Technology Ventures, Olayan Financing Co., and Sultan Holdings, as well as Rua Growth Fund, and Kuwait’s Zain Ventures.
This investment reflects growing confidence in Intelmatix’s potential, aligning with Saudi Arabia’s strategic focus on AI, underscored by the launch of a $40 billion fund dedicated to the sector earlier this year.
The fund aims to establish Saudi Arabia as the world's largest AI investor, promoting economic diversification beyond oil.
Founded in 2021 by Massachusetts Institute of Technology scientists Anas Al-Faris, Almaha Al-Malki, and Ahmad Alabdulkareem, Intelmatix provides both public and private sectors with accessible AI and advanced analytics to improve operations, productivity, growth, and sustainability.
The platform addresses the regional AI gap with its Enterprise Decision Intelligence Platform, and is designed to be user-friendly for a wide range of enterprise users – maximizing impact and adoption while bypassing the need for advanced AI skills.
“EDIX is the one-stop shop for organizations needing AI capabilities to enhance productivity without worrying about the AI skills shortage,” Al-Faris, the company’s CEO, said.
The company claims it is one of the first to be supported by Saudi Arabia’s National Technology Development Program, which aims to empower AI startups and foster AI talent development in the country.
Synapse Analytics raises $2m to expand AI solutions
Egypt-based Synapse Analytics, a startup focused on AI-driven decision-making solutions, has raised $2 million in a funding round led by Silicon Badia and Hub71.
This investment aims to expand Synapse’s AI technologies across the Gulf region and Africa, particularly targeting the financial sector.
The company, part of Hub71’s tech ecosystem, addresses financial inclusion by offering AI tools for credit scoring, cross-selling, and dynamic pricing, among other applications.
In a press release, Synapse Analytics CEO Ahmed Abaza emphasized the transformative potential of AI, stating that it is a catalyst for making financial inclusion a reality in the MEA region.
Synapse Analytics offers solutions such as Konan, a machine learning operations platform for integrating AI into financial institutions’ workflows, and Doxter, a document extraction and process automation platform.
Co-Founder Galal El-Beshbishy highlighted the company’s focus on integrating AI seamlessly with existing systems to improve decision-making processes.
Synapse claims it has established partnerships with major banking product providers like Amazon Web Services and Crealogix, positioning itself as a key player in the region’s AI-driven transformation.
The company said its efforts have been recognized globally, including being named among the top 100 companies leading the fourth industrial revolution by the World Economic Forum.
Educatly secures $2.5m funding round to expand operations
Egyptian network for higher education Educatly has raised $2.5 million in a funding round led by TLcom Capital and Plus VC, with participation from Egypt Venture and the HBAN syndicate.
This investment supports Educatly’s mission to help students navigate educational opportunities worldwide, utilizing advanced AI and language models to provide accurate information about schools, universities, programs, and scholarships.
Since its launch in 2020, Educatly has grown its presence across the Middle East and Africa, featuring over 1,100 universities in 90 countries.
“Our aim was to bridge the gap between students' educational needs and available opportunities. This investment reaffirms our commitment to continue working towards our vision and strategic goals,” CEO and co-founder Mohmmed El-Sonbaty, said.
The platform plans to expand operations in key markets and enhance services to reach more students globally.
Co-founder Abdelrahman Ayman emphasized the platform’s focus on helping students choose fields of study, find ideal programs, and connect with peers worldwide.
Educatly claims it has already reached over 3 million students and aims to increase this number to 7 million by the end of 2024.
Cartona secures $8.1m series A extension to boost growth
Cartona, a business-to-business platform digitizing Egypt’s traditional trade market, has completed an $8.1 million series A extension.
The round was led by Algebra Ventures, with participation from existing investors Silicon Badia and the SANAD Fund for micro, small and medium-sized enterprises.
This extension follows Cartona’s $12 million series A round led by Silicon Badia, leaving the company in a strong cash position.
The new equity capital of $5.6 million is allocated to accelerate growth across various verticals, including fast-moving consumer goods and hotels, restaurants, cafes, and catering, as well as expanding market share, and exploring regional expansion opportunities in the Middle East and North Africa region.
The round also includes $2.5 million in debt capital from Camel Ventures and GlobalCorp, aimed at addressing working capital needs for local retailers.
“Our operational and financial metrics are progressing positively, attracting capital from both existing and new investors,” CEO and co-founder Mahmoud Talaat said.
Cartona claims its platform currently serves over 188,000 retailers in 17 Egyptian cities, with a growing presence in the HORECA sector.
Velents closes investment round focused on gender equality
Velents has successfully closed a special investment round with Women Collective, which saw over 80 percent participation from women investors and preferential terms for women.
Despite increasing female participation in the MENA region, women still hold only 10 percent of senior roles in private equity and venture capital, Velents’ stated in a press release.
This funding round aims to accelerate the growth of women as investors and board members.
Velents, leveraging AI to enhance organizational productivity, focuses initially on its flagship product, Velents Hiring.
The capital infusion aims to propel the company’s mission to innovate and lead in transforming workplace dynamics.
“This investment is a validation of our vision and a step forward in creating a more inclusive investment ecosystem,” co-founder Mohamed Gaber stated.
Romanna Dada, founding partner of Women Collective, noted the importance of the round.
“This investment marks a crucial step towards gender equality in the investment landscape, setting a precedent for others to follow,” Dada said.
The round is expected to inspire further initiatives that empower women investors and drive positive change in the tech industry.
MNT-Halan acquires Turkey’s Tam Finans to expand digital financial services
MNT-Halan, Egypt’s largest non-bank financial institution and fintech company, has acquired Tam Finans, a leading commercial finance firm in Turkey, from the Actera Group and the European Bank for Reconstruction and Development.
The acquisition will enhance MNT-Halan’s reach in Turkey, a market with significant growth potential due to its population of 85 million and a low household debt-to-gross domestic product ratio.
MNT-Halan aims to leverage Tam Finans’ credit models and distribution capabilities with its technology and financial services to expand its product offerings and customer base.
“Combining Tam Finans’ capabilities with our technology and financial muscle will help complete the product offering and give greater confidence to all its stakeholders,” MNT-Halan’s founder and CEO Mounir Nakhla said.
Tam Finans CEO Hakan Karamanli expressed enthusiasm for joining MNT-Halan, highlighting the shared ethos of expanding access to innovative financial services.
