The fund will invest in AIM-X's startup accelerator companies along with other seed and Series A AI startups
RIYADH, Saudi Arabia, Sept. 3, 2024 /PRNewswire-PRWeb/ -- SparkLabs AIM AI Fund launches with $50 million that will invest in the AIM-X accelerator participants along with leading AI startups across the globe. AIM-X is an AI-focused startup accelerator operated by SparkLabs, and under Saudi Arabia's Artificial Intelligence Mission (AI.M). This is a national initiative that aspires to stimulate a comprehensive system of innovation in the field of artificial intelligence and contribute to strengthening the Kingdom's leadership role regionally and globally in artificial intelligence within the next 5 years. The initiative was created by the Ministry of Communications and Information Technology's National Technology Development Program (NTDP), King Abdullah University of Science and Technology (KAUST), and Saudi Data & AI Authority (SDAIA).
"The combination of SparkLabs' global network, our track record in artificial intelligence, and Saudi Arabia's growing influence in AI has created an incredible response from AI entrepreneurs throughout the world. I believe KSA will become a global AI hotspot within the next few years through AIM and so many other incredible Kingdom initiatives," said Ivan Grlic, Co-founder and Managing Partner at SparkLabs Saudi Arabia and Co-founder of SparkLabs AIM AI Fund.
SparkLabs Group, an early-stage venture capital firm that has invested in over 550 startups across the globe. SparkLabs has been investing in AI since 2016 and was one of a handful of investors who directly participated in OpenAI's recent financing round. They have invested in other AI startups such as Vectara, Allganize, Kneron, Anthropic, xAI, Glade (YC S23), and Lucidya.
"We believe the Kingdom will be a leader in the artificial intelligence space and provides the best landing point for AI startups when they are ready to enter the MENA region. We value our relationship with SparkLabs since they have proven to be a great partner but primarily great investors who help startup founders on their path to become world changing companies," stated Ibrahim Neyaz, CEO at NTDP.
SparkLabs has brought on board various leaders in AI to assist in their accelerator and early-stage investments. Their advisors include people such as Amr Awadallah, Co-founder of Cloudera and now Co-founder and CEO at Vectara, a trusted GenAI service that allows businesses to create smart AI Assistants and AI Agents; Sang Cha, Founder of the Graduate School of Data Science at Seoul National University and Transact In Memory, which was acquired by SAP. Venture Partners include Spiros Margaris, a venture capitalist and the global No. 1 fintech and leading AI influencer, recognized for his strategic advisory and board roles in these sectors; Nathan Lands, the Founder of Lore.com, which has an AI newsletter with a readership exceeding 20,000, and Co-host at the Next Wave podcast with Hubspot; Nils Westerlund, who lead the growth team at RunwayML; Joel Pazhayampallil, Co-founder and CEO at Bluespace.ai, who previously was a co-founder of Drive.ai that was acquired by Apple; and Brian Behlendorf, CTO at the OpenWallet Foundation and Chief AI Strategist at the Linux Foundation.
About NTDP
The National Technology Development Program (NTDP) is a national program in Saudi Arabia that contributes to enhancing and ensuring the effectiveness of technology ecosystem by achieving a sustainable development using various components in collaboration with the stakeholders. Its goal is to facilitate Saudi Arabia's transformation into a leading global Technology Hub by 2030 and to strengthen the Saudi tech-ecosystem with innovative financial solutions. For further information, you can visit here: http://www.ntdp.gov.sa
About SparkLabs Group
SparkLabs Group (http://www.sparklabsgroup.com) is a network of startup accelerators and venture capital funds that has invested in over 550 startups across 6 continents since 2013. The firm has made an impact as innovation ecosystem builders that help local startups go global and uplift the foundations of entrepreneurship in countries such as South Korea, Taiwan, Australia, and Saudi Arabia. These investments have been represented through various venture capital funds, such as SparkLabs Global Ventures (seed-stage startups primarily in the U.S. and Asia), SparkLabs Ventures (series A startups in South Korea), SparkLabs Taiwan (seed-stage startups in Taiwan), SparkLabs Cultiv8 (seed-stage startups in agtech, foodtech and sustainability), and others.
Media Contact
Bernard Moon, SparkLabs Group, 650-454-5244, [email protected], www.sparklabsgroup.com
SOURCE SparkLabs Group
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