Saudi Arabia’s Ministry of Investment has teamed up with The Hashgraph Association to launch a $250 million DeepTech Venture Studio in Riyadh. This groundbreaking collaboration aims to support the development of advanced technologies such as artificial intelligence (AI), blockchain, and virtual reality (VR) solutions. Over the course of five years, the DeepTech Venture Studio will provide tools and resources to empower more than 500 companies in their technological endeavors.
The DeepTech Venture Studio in Riyadh will serve as a hub for technological innovation, reflecting Saudi Arabia’s commitment to diversifying its economy and embracing the opportunities presented by cutting-edge technologies. By fostering growth in the technology sector, this initiative by Hedera Hashgraph aims to drive significant breakthroughs across various industries. It not only marks a major shift away from the nation’s traditional oil-based economy but also demonstrates its dedication to nurturing a dynamic startup and entrepreneurial ecosystem.
The DeepTech Venture Studio will offer extensive support to the participating companies, including technical engineering, training, certification, project delivery services, product development, business strategy, commercialization, marketing, legal and regulatory compliance, and venture capital investments. There are also plans to facilitate IPO listing support on the Saudi Exchange (Tadawul). Managed by The Hashgraph Group, this initiative is part of a broader endeavor to enhance the global competitiveness of Saudi companies.
This partnership between The Hashgraph Association and Saudi Arabia’s Ministry of Investment aligns with their mutual commitment to investing in the digital future. It greatly contributes to the goals of Saudi Vision 2030, which aims to create a thriving digital economy within the country. The initial phase of the Venture Studio will focus on establishing local operations and onboarding the first set of 100 projects. Subsequent phases will focus on accelerating and expanding operations both locally and globally.
In conclusion, the launch of the DeepTech Venture Studio in Riyadh is a significant development that highlights Saudi Arabia’s determination to drive technological innovation and cultivate a thriving digital ecosystem. With its substantial financial commitment and comprehensive support, this initiative has the potential to revolutionize industries and propel Saudi companies to the forefront of global technological advancement.
