Saudi-based Intelmatix raises $20M Series A to unlock AI-driven decision-making for MENA organisations

🤖 Saudi-based deep tech B2B AI startup Intelmatix, has closed a $20 million Series A funding round, to provide AI-powered decision-making tools tailored to the specific needs of organisations MENA region.

• Intelmatix has offices in Riyadh, London, and Boston, and was founded in 2021 by a group of MIT graduates led by Anas Alfaris, Almaha Almalki and Ahmad Alabdulkareem.

💰 Investor lowdown: The round was led by Shorooq Partners and included Saudi Venture Capital Company (SVC), Saudi Technology Ventures (STV), Olayan Financing Company, Sultan Holdings, Zain Ventures, and Rua Growth Fund.

❌ Barrier to adoption

Most enterprise AI platforms are designed for U.S. datasets and large enterprises with dedicated AI teams, creating several challenges for MENA businesses:

• A talent gap and impracticality for local use
• Slow adoption of automated decision-making solutions due to the lack of customised AI options

📈 Did someone say AI?

Intelmatix’s answer is an AI-powered platform called EDIX, designed for rapid deployment without requiring an in-house AI team.

It provides immediate recommendations for operational and strategic decisions using client and contextual data.

Targeting the retail, logistics, and workforce sectors, EDIX helps businesses with demand and supply forecasting, location optimisation, recruitment, staff planning, scheduling, fleet management, and marketing.

• It’s unclear if Intelmatix have built their own LLM, or are using an existing Arabic LLM like G42’s Jais or Huawei’s “Arabic LLM”.

🐂 Bull case

1. During a year-long pilot in the F&B sector, Intelmatix improved demand forecasting by 15%, reduced wastage costs by 75%, and cut overtime by 25%, with over 80% accuracy in predicting new branch revenue.
2. Despite competition from U.S. platforms like o9 and Palantir, Intelmatix’s local expertise gives it an edge in the MENA region.
3. The global enterprise AI market is projected to reach $68.9 billion by 2028, growing at a 43.9% CAGR.

🔮 Flashforward

The Saudi startup will use the fresh funding to target SMEs and public entities in MENA, while enhancing its platform and broadening its reach.