Abu Dhabi Investor Backs AI Firm Founded by Saudi MIT Graduates
- Shorooq is leading $20 million financing round for Intelmatix
- Firm, founded in Boston, has operations in Riyadh and London
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Abu Dhabi-based investment firm Shorooq Partners led a $20 million financing round for Intelmatix, an artificial intelligence startup founded by Saudi graduates of the Massachusetts Institute of Technology.
Shorooq teamed up with other public and private institutions including Saudi Venture Capital Company, Saudi Technology Ventures and Olayan Financing Company in what it described as the largest Series A investment for an AI firm in the Middle East and North Africa. The funds will be used to develop the firm’s product offering and geographical expansion, according to a statement.