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Technology

Intelmatix Secures $20 Million in Series A Funding to Empower Middle East and North Africa Businesses with Artificial Intelligence-Driven Decision Making Solutions

Horizonstocks

Introduction

In a significant development for the Middle East and North Africa (MENA) region, Intelmatix, a deep tech B2B startup, has closed a $20 million Series A funding round. This investment is one of the largest for a regional company of its type and aims to help businesses in MENA tap into the power of AI for decision-making.

Background

Intelmatix was founded in 2021 by Dr. Anas Alfaris, who has extensive experience in research and development, particularly in the field of complex engineering systems. The startup has offices in Riyadh, Saudi Arabia; London, U.K.; and Boston, U.S. Its flagship product is an AI-powered decision-making platform designed to cater to the specific needs of businesses in MENA.

The Problem

The adoption of AI in MENA remains a significant challenge due to various factors, including lack of access to affordable and scalable solutions. Existing AI platforms are often tailored to meet the needs of developed economies and may not be suitable for the unique requirements of businesses in MENA.

Solution

Intelmatix’s platform addresses this gap by providing an AI-powered decision-making solution that is tailored to meet the specific needs of businesses in MENA. The platform leverages cutting-edge technologies, including machine learning and natural language processing, to provide insights and recommendations to businesses.

Impact

The $20 million Series A funding will be used to scale up the platform’s capabilities and reach, targeting large and medium-sized businesses as well as public entities in MENA. This investment is expected to democratize access to AI, making it more accessible and affordable for businesses in the region.

Key Features of Intelmatix’s Platform

  • AI-powered decision-making: The platform uses machine learning algorithms to provide insights and recommendations to businesses.
  • Natural language processing: The platform can process and analyze large amounts of unstructured data, including text, images, and audio files.
  • Scalability: The platform is designed to handle large volumes of data and traffic, making it suitable for businesses of all sizes.

Leadership

Dr. Anas Alfaris, CEO of Intelmatix, has extensive experience in research and development, particularly in the field of complex engineering systems. He holds a PhD in design computation from MIT and was part of various research teams, including the Smart Cities Group at Media Lab.

Funding

The $20 million Series A funding round was led by Shorooq Partners, with participation from private and public entities, including Olayan Financing Company, Rua Growth Fund, Saudi Technology Ventures, Saudi Venture Capital Company, Sultan Holdings, and Zain Ventures.

Conclusion

Intelmatix’s $20 million Series A funding is a significant development for the MENA region, marking an important step towards democratizing access to AI. The startup’s platform has the potential to revolutionize decision-making in businesses across the region, making it more accessible, affordable, and effective.

Timeline

  • 2021: Intelmatix founded by Dr. Anas Alfaris
  • 2022: Series A funding round led by Shorooq Partners

Key Players

  • Dr. Anas Alfaris: CEO of Intelmatix
  • Shorooq Partners: Lead investor in the Series A funding round