The Hashgraph Association (THA) has announced a partnership with the Ministry Of Investment Of Saudi Arabia (MISA) to launch a DeepTech Venture Studio. The entity aims to help local Saudi firms, as well as other portfolio companies, establish operations in the country while leveraging technology like AI, DLT, quantum, and more.
The announcement came during the Swiss Economic Delegation trip to Saudi Arabia. THA is based in Switzerland.
Dr. Munirah Alaboudi, General Manager, Human Capital & Innovation at the Ministry of Investment of Saudi Arabia, said the Ministry welcomes the launch of a DeepTech Venture Studioabd they look forward to empowering entrepreneurship for a vibrant society in Saudi Arabia.
The Studio expects to onboard more than 500 companies over the next 5 years. An initial commitment of $50 million will support the launch.
Kamal Youssefi, President of The Hashgraph Association, said they are delighted to partner with the Ministry of Investment of Saudi Arabia.
“We are committed to investing in a digital future through our DeepTech Venture Studio in Riyadh that will positively contribute to the three pillars of Vision 2030 and foster a thriving digital economy in Saudi Arabia.”
The initial phase of the Studio will focus on ramping up local operations within 12 months and onboarding the first batch of 100 projects.
The second phase aims to accelerate and ensure operations while onboarding and investing in a new batch of 200 projects.
The final phase will focus on scaling up the Venture Studio operations into new strategic markets globally, and onboarding the next batch of 200 projects.