Wa’ed invests in Saudi-based SaaS Fathom Solutions
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Saudi-based SaaS startup Fathom Solutions has successfully raised an undisclosed amount from Wa’ed, the entrepreneurship arm of Aramco and Fathom Solutions’ returning investors.
The Saudi-based firm, established in 2019 by Ibrahim Al-Baloud, began in the oil and gas industry but has since expanded its solutions to address all related areas in the industrial market. Fathom Solutions provides custom-made enterprise Artificial Intelligence (AI) platforms to deliver intelligent application suites at scale towards achieving business agility.
MENA SaaS startups integrating AI into their Tech-stack have been some of the most anticipated startups this year, gaining traction and interest from Global and Local investors. Earlier this year, two AI-driven startups raised the highest funding rounds in 2021 accumulating a stellar $155M. While Fathom Solutions integrates AI and Machine learning to streamline major operations, Unifonic raised its $125M Megadeal to optimize cloud communications while Leena AI raised a $30M Series B to optimize digital HR servicing.
Through Fathom platform, the Saudi-based team have created three main intelligent application suites, Fathom Wells, Fathom Pipelines, and Fathom Manufacturing. The company is able to build white label AI platforms that help leading industrial companies, such as Saudi Aramco, get insights on their operational data as well as implement their own AI applications for downstream and upstream asset management. Through its next generation technology, Fathom Solutions supports clients on developing new business models with their partners and vendors, shifting from demand-based to time-based operations and increasing overall productivity as a result. “We are excited to have our venture supported by Wa’ed to help scale cutting-edge technology within the industry. Providing positive contributions towards the Saudi Vision 2030 through technological advancement is something that Fathom Solutions greatly relishes,” said Ibrahim Al-Baloud, CEO and President of Fathom Solutions.
Headquartered in Dhahran, and most recently expanding its operations to cover Oslo, Kyiv, and Warsaw Fathom will be able to contribute to the Saudi Vision’s transformative mission to increase technological infrastructure readiness in industrial cities from 50% to a full 100% by 2025, as laid out by MISA. “It is rare to see AI champions of Fathom’s caliber who demonstrate such digitally agile culture as well as advanced international knowledge. Wa’ed is eager to help grow Fathom’s global team and partner with it to offer customizable AI solutions to address precisely what this sensitive sector is in need of.” said Fahad Alidi, Managing Director at Wa’ed.
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