June 25, 2024

Saudi Arabia Backed AI Startup Intelmatix nurtures out more funds from STV, Sultan Holdings to boost AI technology in territory

Image Credit: - Image By Gerd Altman from Pixabay.com

Saudi Arabia-backed Artificial Intelligence (AI) Start-up Intelmatix had nurtured funds in a round that is powered out by STV and Sultan Holdings. The economic details of the round were not revealed.

Initiated this year by a group of talented MIT graduates, Intelmatix directs on Location Intelligence which plans the associations between spatial, social, economic, and demographic data and creates forecasts utilizing the AI and advanced analysis, as according to a press release.

The Co-founder and chief executive officer of Intelmatix, Anas Alfaris, stated out that, “Artificial Intelligence offers opportunities worth billions. In the Saudi Arabian market alone, Location Intelligence opportunities exceed SR2 billion annually, and globally, the value is more than SR100 billion each year.”

“The idea of Intelmatix was not born overnight. “Our strategy crystallised through years of collaboration between the R&D sector and the business sector. Then the Saudi Vision 2030 provided the regulatory and technical enablers to support the launch of Intelmatix by providing the ideal innovation environment,” he added.

Preceding to this year, Saudi Arabia devoted to becoming a global leader in AI throughout a roundtable dialogue with Italian technology experts. The Kingdom requests to become a central force in the field within the forthcoming eight years, in line with the Saudi Vision 2030 reform plans and confirmed its interest in cooperating with Italy.

AI in the Middle East is anticipated to nurture significantly to exceed SR1 trillion in a decade’s time. The Kingdom alone will account for half of it, where AI will be the major contributor at least SAR500 billion to the Saudi economy within the year 2030.



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