Wa'ed Ventures Earmarks $100 Million To Invest In AI Startups And Appoints A Global AI Advisory Board For Strategic Investments
Date
10/27/2024 9:00:38 AM
(MENAFN- Asdaf News)
Dhahran – Asdaf News:
Wa'ed Ventures, the $500 million venture capital fund wholly owned by Aramco, announces earmarking $100 million for early-stage AI investments, a bold move to support positioning the Kingdom as a global AI hub.
To aid with strategic deal sourcing and accelerate localization for global startups, an advisory board consisting of globally renowned leaders in Artificial Intelligence (AI) has already been appointed by Wa'ed Ventures. The board members come from diverse backgrounds within the AI industry, including policymaking, research, academia, and entrepreneurship; having worked in Meta, Amazon, MIT, Oxford and other top-rank institutions.
According to a recent report by PwC, Saudi Arabia's gain from AI is expected to exceed other countries in the Middle East with an estimated $135 billion in value by 2030. This would position Artificial Intelligence as one of the leading economic drivers, composing more than 12% of the country's total GDP by 2030.
Wa'ed's new AI strategy marks another initiative by the fund in keeping with its commitment towards investing in high-potential AI applications and infrastructure players. During the past few months, Wa'ed Ventures announced its investment in the Korea AI chip company Rebellions, as well as the California-based startup AiXplain, a leading provider of essential infrastructure for accelerated AI development.
Tags#ARAMCO #ecosystem #Investment #Wa'ed
MENAFN27102024007116015312ID1108822048
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.