To strengthen its investment decisions and deal-sourcing, Wa’ed Ventures has assembled an advisory board of experts with backgrounds from leading institutions such as Meta, Amazon, MIT, and Oxford University. These advisors bring a wealth of experience from sectors such as AI research, policymaking, academia, and entrepreneurship, providing critical insights and support to the fund’s investment strategy.

Anas Algahtani, Acting CEO of Wa’ed Ventures, shared: “Our strategic decision to allocate funds to AI investments is rooted in a deep understanding of the Kingdom’s growing ecosystem. By fostering innovation and supporting AI startups, we aim to accelerate the development of cutting-edge technologies that will drive economic growth, improve quality of life, and position Saudi Arabia as a global leader in Artificial Intelligence”.

As part of its active portfolio development, Wa’ed Ventures has made recent investments in Rebellions, a South Korean company specializing in AI chips, and AiXplain, a California-based provider of infrastructure for accelerated AI development. These investments reflect Wa’ed’s commitment to advancing AI applications and supporting companies that can enhance Saudi Arabia’s AI capabilities.

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Wa’ed Ventures’ AI-focused initiative not only targets the growth of local entrepreneurship but also aims to localize international AI talent and technologies, fostering a robust ecosystem that aligns with Saudi Vision 2030 goals.

A recent PwC report highlights the potential economic impact of AI on Saudi Arabia, projecting that by 2030, the country could generate $135 billion from AI-related activities, accounting for approximately 12% of its Gross Domestic Product (GDP). This puts Saudi Arabia in a favorable position within the Middle East to capitalize on the transformative power of AI.

The post Wa’ed Ventures Pledges $100M For Early-Stage AI Startup Funding appeared first on Tech Magazine.

Ahmad Al-Khowaiter, Aramco EVP of Technology & Innovation, explained: “Aramco is delighted to partner with Pasqal to bring cutting-edge, high-performance quantum computing capabilities to the Kingdom. In a rapidly evolving digital landscape, we believe it is crucial to seize opportunities presented by new, impactful technologies, and we aim to pioneer the use of quantum computing in the energy sector. Our agreement with Pasqal allows us to harness the expertise of a leading player in this field as we continue to build state-of-the-art solutions into our business”.

The 200-qubit quantum computer will initially be set to a base-level analog mode. Within the following 12 months, the system will see upgrades (known as “analog-digital mode”), which will give it even greater computational power.

Pasqal and Aramco wish to leverage the quantum computer to establish a regional center for quantum research in the Kingdom of Saudi Arabia and to find new applications for the energy sector. The plans involve partnering with leading academic institutions to find breakthroughs in quantum algorithm development.

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Georges-Olivier Reymond, Pasqal CEO & Co-founder, stated: “The era of quantum computing is here. No longer confined to theory, it’s transitioning to real-world applications, empowering organizations to solve previously intractable problems at scale. Since launching Pasqal in 2019, we have directed our efforts towards concrete quantum computing algorithms immediately applicable to customer use cases. Through this agreement, we’ll be at the forefront of accelerating commercial adoption of this transformative technology in Saudi Arabia”.

The agreement forms part of Pasqal’s greater strategy and activity in Saudi Arabia after establishing an office in the Kingdom in 2023. During the same year, Aramco’s Wa’ed Ventures also participated in a Series B fundraising round for Pasqal.

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