The Hashgraph Association (THA) has forged a strategic partnership with the Ministry of Investment of Saudi Arabia (MISA) to launch a ‘DeepTech Venture Studio’ in Riyadh, worth $250million over five years.
This initiative aims to foster innovation in Saudi Arabia by supporting local and international companies in developing solutions using cutting-edge technologies.
The Venture Studio plans to offer comprehensive support and expects to onboard over 500 companies, contributing to Saudi Vision 2030.
It will also enable local Saudi companies, as well as international portfolio companies seeking to establish operations in the Kingdom, to develop innovative solutions, leveraging deep tech such as AI, DLT, robotics, IoT, virtual reality and quantum computing.
Kamal Youssefi, president of The Hashgraph Association, said: “We are delighted to sign this major strategic partnership 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 DeepTech Venture Studio will receive dedicated support from the Ministry of Investment of Saudi Arabia through the facilitation of entrepreneurial licences and the entrance of companies under Saudi laws and regulations, including connecting with key government stakeholders, strategic partners as well as investors.
It will also provide technical engineering, training and certification, project delivery, product development, business strategy, commercialisation, marketing, legal and regulatory compliance, and venture capital investments – including IPO listing support on the Saudi Exchange Home (Tadāwul).
Phase A of the Venture Studio will focus on ramping up local operations and onboarding 100 projects within 12 months. Phase B will accelerate operations over 24 months, onboard a new batch of 200 projects, and ensure steady-state operations. While the final phase will scale up operations globally, onboard the final batch of 200 projects, and offer up to $250,000 in venture capital investment for startups and up to $500,000 for enterprises.