- Red Sea Global, Bunat Ventures launch fund for AI startups
- Plan to invest in 25 early- and growth-stage companies
- Startups get funding, infrastructure, and tech testing opportunities
Red Sea Global together with Bunat Ventures has come out with the news of a venture fund that will focus on AI startups in Saudi Arabia support. The fund will be providing financial assistance to both early and growth companies that develop their business model around AI.
It is said that the initiative will attract nearly 25 startups during the course of three years investing in the capital and resources supplied to them for the expansion of their operations.
The venture will put the spotlight on the startups that have been set up in Saudi Arabia or are already venturing into the country, which shows the dedication of the local innovation ecosystem to the point of being strengthened.
The program will hive off the participating startups access to Red Sea Global’s infrastructure, which will be the place where the startups of the AI will be tested and piloted. The collaboration is expected to push the development and then the deployment of the latest AI technologies in various sectors.
Also Read: Lee Calls for Closer Ties Between South Korean, Chinese Startups
The officials of the two organizations say that the planned action is a part of a larger scheme to encourage the use of technology, develop local skilled workers, and bring in international tech experts to Saudi Arabia.
They hope the fund will be able to establish an environment conducive to the growth of AI startups by combining financial support, mentoring, and close collaboration with the operations of the company that is helping to diversify the country’s economy.
Red Sea Global and Bunat Ventures’ cooperation is an indication of the increasing interest of Saudi Arabia in tech-oriented startups, thus the Kingdom is coming forward as the center of AI innovation and the startups are getting ready for their solutions to be impacting not only the region but also the world.