Saudi Arabia-based Quant, a startup specialised in data science and artificial intelligence (AI), has secured $1.2 million in a pre-series A investment round, led by Business Incubators and Accelerators Company (BIAC), in addition to a few angel investors from across the Middle East region.
Founded in 2015, Quant offers a range of specialised data-driven products, including a cloud-based analytical application designed to provide companies access to real-time analytical reports. The service aims to reduce risks, increase revenues and enhance decision-making.
Saudi Arabia launched its data and artificial intelligence authority last year, indicating growing awareness of data science and increasing potential for startups in this space.
This round will enable the company to boost its research and development capabilities, develop data and AI-based products and expand to new markets.
"We are proud to be at the forefront of companies that provide data science to enhance decision-making and enable organisations to achieve their goals by taking advantage of our technical expertise in data science, advanced products and strategic partnerships," said Ahmed Bukhamseen, chief executive officer (CEO) and co-founder of Quant.
The company is an alumni of Saudi Arabia-based Badir Technology Incubators and Accelerators Programme.