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Intelmatix has closed a $20 million Series A funding round one of the largest such rounds for a regional company of this type.
The b2b startup is targeting businesses in the Middle East and North Africa region wanting to tap into the power of AI for decision-making.
The global enterprise AI market is projected to grow exponentially to reach $68.9 billion by 2028 , according to BCC research.
Intelmatix ’s plan now is to shoot for greater scale by targeting large and medium businesses as well public entities in MENA.
The Series A 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 .
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