STV & Sultan Holdings invest in Intelmatix
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Leading MENA investors STV and Sultan Holdings have just announced their latest Co-led investment in Intelmatix, the KSA-based deep technology AI startup. Based on our latest H1 2021 Saudi Arabia Venture Capital Report, STV has backed 2 of the 5 top funding rounds in Saudi Arabia in the first half of the year, the 5 deals accounting for 41% of all funds raised in H1 2021. It was also one of the 13% of investors who backed more than five deals in H1 2021.
Headquartered in Riyadh, Intelmatix is a pioneer in accessible AI and advanced analytics, delivering technologies that improve operations, productivity, growth, and sustainability for governments and private sector entities. Intelmatix seeks to become the leading deep-tech AI and data analytics company in MENA with a global presence through its operations in Riyadh, London, and Boston.
The deep tech startup currently focuses on ‘Location Intelligence’ which maps the relationships between spatial, social, economic, and demographic data; making predictions using AI and advanced analytics to solve problems of “where, what, when?” It gives unprecedented insight for high-stakes business decisions specifically in choosing optimal geographic locations for business units. Investing in Intelmatix not only seemed like an opportunity to tap into the multi-million dollar AI industry for Sultan Holdings, but was also a strategic step as Chairman, HH Prince Naif Bin Sultan Bin Muhammad bin Saud Al Kabeer, stated “for us, Intelmatix is more than an investment, it is a key strategic step to advance the prospects of AI adoption and enablement in the business sector.”
Intelmatix also supports governments in addressing critical planning and management challenges such as streamlining emergency services, efficiently operating utilities, or siting public properties, as the KSA adopts a smart city approach. Commenting on their operations, Anas Alfaris, Co-Founder & CEO of Intelmatix, highlighted “the idea of Intelmatix was not born overnight. Our strategy crystallized 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.”
The AI team plan to utilize their newly acquired to expand beyond their focus on Location Intelligence, creating unique AI and advanced analytics solutions to support organizations in operations and strategic decision making. The team’s highly specialized backgrounds and the entity's foresight are key as STV founder and CEO Abdulrahman Tarabzouni concluded “We are excited to partner with Intelmatix on its journey towards harnessing deep-tech for advancing the horizons of AI and reaching new frontiers of its application. The Intelmatix team is made of the brightest minds in the region, and they have the ability and vision to make the company a major global AI player.”
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