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Wa’ed Ventures, Saudi Aramco’s $500 million venture capital arm, has made a strategic investment in the UK-based AI cloud infrastructure provider Ori. Ori is a startup that enables large-scale AI model training, inference, and deployment for large corporates, enterprises, and fast-growth AI scaleups through its cloud platform. Part of the funding will be used to expand Ori’s footprint in the MENA region, including the launch of a subsidiary in Riyadh in the coming months.
Wa’ed Ventures is the VC arm of Saudi Aramco, the petroleum and natural gas giant. The $500 million fund invests in industry-leading tech startups across various technology verticals. Established in 2013, Wa’ed Ventures manages a portfolio of 75+ startups, providing end-to-end support to startups from funding to providing access to partner resources. The fund moved its sights internationally in 2022, looking for founders who can localize leading technology platforms and services into the Saudi Arabian market as the nation seeks to strengthen its capabilities in key technology verticals such as AI. The fund recently invested in startups such as AI chipmaker Rebellions and real estate fintech company Stake.
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