The petroleum producer's $500m venture fund wants to back startups that can help Saudi Arabia become an artificial intelligence tech hub in the Middle East.
Oil and gas producer Saudi Aramco’s $500m Wa’ed Ventures fund has reserved $100m for investments in artificial intelligence technology.
“Our strategic decision to allocate funds to AI investments is rooted in a deep understanding of the Kingdom’s growing ecosystem,” acting Wa’ed Ventures CEO Anas Algahtani said in a statement disclosing the move.
“By fostering innovation and supporting AI startups, we aim to accelerate the development of cutting-edge technologies that will drive economic growth, improve quality of life and position Saudi Arabia as a global leader in artificial intelligence. This investment will not only incentivise local entrepreneurs but also support the localisation of global talent, ultimately unlocking the immense potential of AI.”
Wa’ed Ventures was launched just over a decade ago to invest in startups locally, as well as in early-stage companies with frontier technology that can be integrated into Aramco’s markets. It provides up to $20m in capital per deal.
The investment unit has put together an AI advisory board that includes members with backgrounds in academia, creating policy and conducting research as well as entrepreneurship.
The move comes after Wa’ed led a $15m extension to Korean AI chipmaker Rebellion’s series B round in July this year, having led a $6.5m pre-series A round for AiXplain, a US-based provider of AI development infrastructure, the same month.
