Abu Dhabi-based alternative investment manager Shorooq Partners has anchored the $20 million Series A funding for Intelmatix, a MENA (Middle East and North Africa)-focused deep tech B2B startup.
The round, which, in the words of Intelmatix, is the largest Series A round in the MENA region for an Ai company, was also backed by public and private investors, including Saudi Venture Capital Company, Saudi Technology Ventures, Olayan Financing Company, Sultan Holdings, Zain Ventures, and Rua Growth Fund.
Intelmatix was founded in 2021 but only launched its enterprise AI platform, the Enterprise Decision Intelligence Platform (EDIX), in March. The startup has offices in Riyadh, London, and Boston.
EDIX seeks to be the world’s most accessible enterprise AI platform, accelerating technology adoption across organisations while eliminating the need for highly-skilled AI talent.
The startup, which currently focuses on retail, logistics, and workforce sectors, was founded by MIT scientists who aimed to address the region’s AI gap in technology and human capital.
Intelmatix co-founder and CEO Anas Alfaris said EDIX allows organisations to harness the power of AI to enhance their productivity without worrying about AI skills shortage or the considerable investment needed.
The funding comes as Saudi Arabia intensifies its focus on developing the national AI sector, highlighted by the launch of a $40-billion AI fund in March 2024. The initiative seeks to position the country as the world’s largest AI investor.
“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,” said Yousef Albabtain, partner at Shorooq Partners.
In April last year, Shorooq closed its second early-stage Middle East and North Africa and Pakistan (MENAP) venture fund at $150 million.
As a venture investor, Shorooq Partners targets seed to Series A startups, writing cheque sizes of $1-8 million across the Gulf Corporation Council (GCC), Egypt, and Pakistan. It targets sectors such as fintech, software as a service (SaaS), platform verticals, and digital assets such as Web 3.0.
Last May, the firm announced making the first close of its latest $100-million private credit fund.
