From Riyadh the company “Intelmatix” completes its first round of investments

Saudi Intelmatix Artificial Intelligence Company has announced the completion of its first round of investments led by STV Company in collaboration with Sultan Holding Company, without disclosing the financial value of the round.

Intelmatix is ​​headquartered in the Saudi capital, Riyadh, and is an operating company in Develop technologies that allow the use of a large segment Artificial intelligence and analysis techniques.

Sultan Holdings President Prince Nayef bin Sultan bin Muhammad bin Saud Al Kabeer said in a press release that the fundamental impact of artificial intelligence and advanced analytics includes all sectors, noting Intelmatix’s strategic step to push towards the prospects of adopting artificial intelligence and enabling it in the enterprise sector.

For his part, STV founder and CEO Abdul Rahman Trabzoni said the company is determined to share Intelmatix’s journey to harnessing advanced technology to advance artificial intelligence horizons and reach new dimensions in its practical applications. .

Badra, the co-founder and CEO of Intelmatix, Anas Al-Faris, expressed his confidence that artificial intelligence will provide opportunities for billions, indicating that the current opportunities for space intelligence in Saudi Arabia exceeds more than 2 billion riyals per year, with an estimated global market in over 100 billion riyals.

Intelmatix was founded by a group of Saudi MIT alumni. The team founder has a track record and experience in providing advanced technologies and solutions.

Intelmatix aims to become the leading AI and deep data analytics companytech in the Middle East and North Africa region, with a global presence through its operations in Riyadh, the Saudi capital, London and the American city of Boston.

Interestingly, reports from consulting firms predict that artificial intelligence returns in Middle East will exceed 1 trillion riyals over the next ten years, with the Saudi market making up half of it, as artificial intelligence is expected to contribute around 500 billion riyals to the Saudi economy by 2030.

Read More About: Business News