Saudi B2B AI Company Intelmatix Raises $20 Million in Series A Funding

Saudi Arabia-based deep-tech B2B AI startup Intelmatix has secured $20 million in a Series A funding round led by Shorooq Partners, with participation from public and private institutions including Saudi Venture Capital Company (SVC), Saudi Technology Ventures (STV) and the Rua Growth Fund.

Intelmatix’s latest round of funding represents the largest such Series A funding round for a regional tech startup of its kind, pointing to investors’ ever-stronger confidence in AI ventures. It also coincides with Saudi Arabia’s intensified focus on AI, marked by the launch of a $40 billion AI fund in March 2024.

The Saudi Ministry of Communications and Information Technology has also deployed the National Technology Development Program (NTDP); Intelmatix was one of the first companies to be supported by NTDP’s initiatives.

Intelmatix’s flagship product is the Enterprise Decision Intelligence Platform (EDIX), which aims to address the region’s AI gap between technology and human capital. “EDIX is the one-stop-shop for organisations needing AI capabilities to enhance their productivity,” Anas Alfaris, Co-Founder and CEO of Intelmatix, tells StartupScene. “It negates worries about the AI skills shortage or the considerable investment of build versus buy.” In other words, EDIX eliminates the need for highly skilled AI talent, democratising the implementation of AI-powered enterprise platforms for all types of users in the region.