Oman's Phaze Ventures Launches Two AI Funds Targeting $75 Million
Oman's Phaze Ventures has launched two AI investment funds targeting over $75 million, and has raised more than $40 million from investors so far.
Oman-based venture capital firm Phaze Ventures announced the launch of two new venture funds targeting more than $75 million, having secured commitments of over $40 million from investors so far. The company stated that the two funds will target artificial intelligence and deep technology companies within the Sultanate of Oman and international markets.
"Phaze Ventures Fund 2" targets global investments in artificial intelligence and deep tech, led by ITHCA Group (a subsidiary of the Oman Investment Authority), Ominvest, and Oman Natural Gas Development Company. The second fund, "Phaze Ventures Oman," is supported by Future Fund Oman and focuses on local companies leveraging artificial intelligence in their operations.
Abdullah Al-Shaqsi, co-founder and CEO of the company, said that artificial intelligence represents the largest technological shift in this generation, adding that Oman and the Gulf cannot remain bystanders, and that participation requires investing in founders who are transforming industries regionally and globally. He explained that the company wants to be part of this transformation at an early stage.
Phaze Ventures was founded in 2018 by Abdullah Al-Shaqsi, Mohammed Al-Wahaibi, and Masoud Al-Rawahi, with teams in Muscat, Dubai, and Riyadh. To date, the company has managed 10 investments, including Arabic.AI, Sully.ai, Andromeda Surgical, Boardy.ai, and Metal, and manages capital for more than 50 investors, including sovereign wealth funds, listed companies, and family offices.
What do these terms mean?
Venture Capital: A type of investment that puts money into high-growth startup companies in exchange for equity, carrying higher risk and the potential for greater returns.
Deep Tech: Technologies based on advanced scientific and engineering research, such as artificial intelligence, robotics, and semiconductors, which typically require a longer time to reach the market.
Sovereign Wealth Fund: An investment fund owned by a state or government entity that invests surplus reserves in various markets and projects.
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