International law firm Bird & Bird has advised Intelmatix, a deep tech AI startup founded by Saudi MIT graduates with operations in Boston, Riyadh and London, on its $20,000,000 Series A Financing. This round was led by Shorooq Partners alongside investments from Saudi Venture Capital Company (SVC), Saudi Technology Ventures (STV), Olayan Financing Company, Sultan Holdings, Zain Ventures, and Rua Growth Fund.
Intelmatix offers cutting-edge Decision Intelligence software, providing enterprises with a competitive advantage in the new AI era. The company focuses on transforming enterprises into cognitive entities through decision intelligence, enabling accurate and fast decision-making by integrating human and machine intelligence.
This investment aligns with Saudi Arabia’s amplified emphasis on AI, demonstrated by the initiation of a $40 billion AI fund in March 2024. It is said to be one of the most substantial Series A investments for an AI company in the Middle East and North Africa. The capital raised will be channelled towards enhancing the company’s product portfolio and expanding its geographical reach.
The Bird & Bird team consisted of corporate partner Struan Penwarden, alongside senior associates Benjamin Simon, William Holder, and associate Saoirse McGrath.
Struan Penwarden, International Head of Venture Capital and lead partner advising on the transaction commented: “We are so proud to have supported Intelmatix on this investment, being one of the largest such rounds for a regional company of this type. Intelmatix is a very exciting company that uses AI and Decision Intelligence (DI) and, through its accessible and user-friendly Enterprise Decision Intelligence Platform (EDIX), is seeking to transform decision-making in enterprises across the Middle East and beyond. Furthermore, this transaction is exemplary of Bird & Bird’s expertise in AI within the Saudi Arabian tech ecosystem”.
