Intelmatix, a deep-tech Artificial Intelligence (AI), company has closed its investment round for an undisclosed amount led by STV, Mena’s largest venture capital fund, and Sultan Holdings, a major strategic investor in some of the largest companies in Arab countries.
Intelmatix, headquartered in Riyadh, Saudi Arabia, is a pioneer in accessible AI and advanced analytics, offering technology that helps governments and companies enhance operations, productivity, growth, and sustainability.
According to global technology foresight firms, AI revenues in the Middle East will exceed $266 billion in the next ten years, with half of that expected to come from the Saudi market, where AI is expected to contribute at least $130 billion to the Saudi economy by 2030.
Intelmatix is now focusing on Location Intelligence, which analyzes the links between spatial, social, economic, and demographic data and uses AI to make predictions. It assists governments in addressing major planning and management issues such as streamlining emergency services, operating utilities more effectively, or constructing a new hospital.
According to Intelmatix, the location intelligence market in Saudi Arabia alone is worth more than $533.2 million per year and is worth more than $26.6 billion internationally.
“The idea of Intelmatix was not born overnight. Our strategy crystallized through years of collaboration between the R&D sector and the business sector. Saudi Vision 2030 provided the regulatory and technical enablers to support the launch of Intelmatix. We will push the boundaries of what is possible, harnessing research and innovation to develop cutting-edge artificial intelligence technologies,” Mr. Anas Alfaris, Co-Founder and CEO of Intelmatix, stated.
Saudi Arabia launched its National Strategy for Data and Artificial Intelligence last year, with the goal of making the Arab world’s largest economy a leader in AI while also assisting it in diversifying its economy and reducing its dependency on hydrocarbons.