Shorooq Partners Announces New Investment in Intelmatix

At Shorooq Partners, we are thrilled to announce our latest investment achievements and our unwavering commitment to fostering innovation across the Middle East. Our recent ventures highlight our leadership in the Artificial Intelligence (AI) and deep tech sectors, reinforcing our dedication to supporting groundbreaking startups and driving technological advancements in the region.

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Leading the Charge: Intelmatix Series A Round

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Shorooq Partners has led a $20 million Series A funding round for Intelmatix, one of the largest rounds recently witnessed in the Middle East. This round attracted investments from prominent public and private institutions, including Saudi Venture Capital Company (SVC), Saudi Technology Ventures (STV), Olayan Financing Company, Sultan Holdings, Zain Ventures, and Rua Growth Fund. This strong vote of confidence in Intelmatix coincides with Saudi Arabia's intensified focus on AI, marked by the launch of a $40 billion AI fund in March 2024 – an initiative that aims to position the nation as the world's largest AI investor and drive economic diversification beyond oil.

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Intelmatix: Transforming Decision Intelligence

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Intelmatix is a deep tech AI company with a global presence through offices in Riyadh, London, and Boston. They provide organizations with Decision Intelligence technologies through custom AI solutions and Enterprise AI products that deliver actionable insights and a competitive advantage in this new AI era. Their suite of applications transforms decision-making processes within enterprises, driving tangible impact across business functions and accelerating growth towards cognitive maturity.

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Their flagship product, the Enterprise Decision Intelligence Platform (EDIX), seeks to be the world’s most accessible Enterprise AI platform, designed to be user-friendly for all types of users within an enterprise, from the boardroom to the shop floor. This maximizes its impact and accelerates adoption across the organization while eliminating the need for highly skilled AI talent.

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“EDIX is the one-stop-shop for organizations across industries needing AI capabilities to enhance their productivity without worrying about the AI skills shortage or the considerable investment of build versus buy,” said Intelmatix’s co-founder and CEO, Anas Alfaris.

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At Intelmatix, people are their greatest assets. They have assembled a world-class team of top-tier talent, including deep tech technologists, business experts, and various subject matter specialists. This diverse and inclusive culture fosters continuous innovation, collaborative work, and shared knowledge, guided by science and driven by passion – something that we also strive to embody at Shorooq Partners.

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A Track Record of Success: Our Deep tech Portfolio

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Shorooq Partners’ commitment to deep tech innovation is evident in our diverse portfolio. Shorooq is the only venture capital firm in the region that has consistently backed a series of deep tech startups. Companies like Mozn, DWand, Pearl, Proteinea, Immensa, and 44.01 are testament to our strategic vision. While some may view this focus as controversial, we embrace the challenge and the baggage it may bring, confident in the transformative potential of these technologies.

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The Go-To Investor for Founders

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Shorooq Partners has established itself as the go-to investor for founders in the Middle East. Our regional and global presence, combined with our track record of success, makes us the preferred choice for innovative startups. We are proud, humbled, and grateful to be acknowledged by founders, particularly in Saudi Arabia, as a trusted partner capable of helping them raise substantial rounds and secure downstream and growth capital. Our ability to serve as a gateway to Asia and the rest of the world further solidifies our reputation as a leading venture capital firm.

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Yousef Albabtain, Partner at Shorooq Partners, said: "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."

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Our journey with Intelmatix is a testament to Shorooq Partners’ mission to empower transformative startups in the AI and deeptech sectors. As we continue to support innovative enterprises, we remain dedicated to fostering a thriving ecosystem where groundbreaking ideas can flourish. The future holds incredible promise, and we are excited to be at the forefront, driving growth and innovation in the Middle East and beyond.

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