Saudi AI startup Intelmatix secures investment from STV and Sultan Holdings
Saudi Arabia-based AI startup Intelmatix has raised an undisclosed investment round, led by STV and Sultan Holdings.
Founded in 2021 by a group of MIT graduates led by Anas Alfaris and Ahmad Alabdulkareem, Intelmatix provides both public and private sectors with accessible AI and advanced analytics that delivers technologies to improve operations, productivity, growth, and sustainability.
Intelmatix’s technology currently focuses on “location intelligence” which maps the relationships between spatial, social, economic, and demographic data and makes predictions using AI and advanced analysis to solve problems of “where, what, when?”. It gives previously unavailable insight for high-stakes business decisions, such as choosing the most profitable location for a new branch, the best land to invest in, or where to optimally place storage and operations centres for logistics companies.
Artificial intelligence technology is expected to contribute SAR500 billion ($133 billion) to the Saudi economy by 2030.
Intelmatix plans to use the investment to develop its location intelligence technology.
Intelmatix, a deep-tech Artificial Intelligence (AI) company, has closed its investment round led by STV, Mena’s largest venture capital fund, and Sultan Holdings, a leading strategic investor in some of Mena's largest companies.
Intelmatix, which is headquartered in Riyadh, Saudi Arabia, is a pioneer in accessible AI and advanced analytics that delivers technologies that improve operations, productivity, growth, and sustainability for governments and the private sector.
Global technology foresight firms report that the revenues from Artificial Intelligence in the Middle East will exceed one trillion Riyals during the next ten years, half of which is expected to be in the Saudi market, where AI will contribute at least SAR500 billion to the Saudi economy by 2030.
The Chairman of Sultan Holdings, HH Prince Naif Bin Sultan Bin Muhammad bin Saud Al Kabeer, stated, “We recognise the revolution occurring today in the business world due to Artificial Intelligence and advanced analytics,” adding, “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.”
From his side, Abdulrahman Tarabzouni, STV’s founder and Chief Executive Officer, stated, “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.”
Intelmatix was founded by a group of talented MIT graduates with a proven track record and extensive experience in delivering advanced technologies and solutions. Intelmatix seeks to become the leading deep-tech AI and data analytics company in the Middle East and North Africa, with a global presence through its operations in Riyadh, the Saudi capital, the UK capital London, and the American city of Boston.
In its current phase, Intelmatix focuses on Location Intelligence which maps the relationships between spatial, social, economic, and demographic data and makes predictions using AI and advanced analysis to solve problems of “where, what, when?” It gives previously unavailable insight for high-stakes business decisions, such as choosing the most profitable location for a new branch, the best land to invest in, or where to optimally place storage and operations centres for logistics companies. It also supports governments in addressing critical planning and management challenges such as streamlining emergency services, efficiently operating utilities, or siting a new hospital. Today, Location Intelligence is becoming an essential technology for the development of smart cities.
Anas Alfaris, Co-Founder and chief executive officer of Intelmatix, said: “Artificial Intelligence offers opportunities worth billions. In the Saudi Arabian market alone, Location Intelligence opportunities exceed SAR2 billion annually, and globally, the value is more than SAR100 billion each year.” Alfaris explained that “the idea of Intelmatix was not born overnight. “Our strategy crystallised 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.”
Saudi Arabia has invested in the future of Artificial Intelligence; in 2019, the Saudi Data and Artificial Intelligence Authority was established to lead efforts to advance AI innovation for the Kingdom. At the end of 2020, the Kingdom held the AI Global Summit in Riyadh under the patronage of Prince Mohammed bin Salman, Crown Prince, Deputy Prime Minister and Minister of Defence, with the slogan “AI for the Good of Humanity.”
Saudi Arabia is also focused on research and innovation to support the development of deep-tech. Last March, Saudi Arabia announced the establishment of the Higher Committee for Research, Development, and Innovation headed by His Highness the Crown Prince. Furthermore, last June, the Council of Ministers announced the establishment of the Research, Development, and Innovation Authority.
Ahmad Alabdulkareem, co-founder and chief technology officer at Intelmatix, said: “Through our world‑class, diverse team of technology leaders, engineers, analysts, developers, and business experts, we develop smart and effective solutions and products to address the problems facing our customers in various sectors within the region.” Alabdulkareem added, “We will push the boundaries of what is possible, harnessing research and innovation to develop cutting-edge artificial intelligence technologies.”
Expanding beyond its current focus on Location Intelligence, Intelmatix will create unique AI and advanced analytics solutions to support organisations in their operations and strategic decision making. Intelmatix solves problems spanning a wide range of sectors including retail, real estate, logistics, industrials, resources and utilities, among others.