Key Highlights
- The Hashgraph Association and the Saudi Ministry of Investment collaborated to launch a $250 million Deep Tech Venture Studio. Aiming to empower 500 companies in AI, blockchain, and quantum computing, supporting Saudi Vision 2030’s innovation-centric goals.
- The strategic partnership, praised by Hashgraph Association’s president, Kamal Youssefi, signifies a commitment to fostering a thriving digital economy in Saudi Arabia. Offering financial support and comprehensive services including technical engineering, training, and certification.
- With an enthusiastic welcome from the Ministry of Investment, the Deep Tech Venture Studio’s phased approach and funding allocation. Reaching up to $500,000 for enterprises, solidify its role in shaping a vibrant entrepreneurial landscape aligned with Saudi Vision 2030.
The Hashgraph Association, a Swiss nonprofit advocating for the Hedera blockchain, recently joined forces with Saudi Arabia’s Ministry of Investment. The collaboration birthed a $250 million Deep Tech Venture Studio, with a mission to support local and international companies in creating cutting-edge solutions using artificial intelligence (AI), blockchain, and quantum computing.
Empowering 500 Companies by 2028
The Deep Tech Venture Studio, valued at $250 million, has set an ambitious goal: to onboard and empower 500 companies between 2024 and 2028. In alignment with this, the Saudi ministry commits to aiding selected companies in acquiring licenses and accessing the Saudi Arabian market.
Munirah Alaboudi, General Manager of Human Capital & Innovation at the Ministry of Investment of Saudi Arabia, expressed enthusiasm for the launch of the Deep Tech Venture Studio in Riyadh. Alaboudi emphasized the importance of entrepreneurship in realizing the Saudi Vision 2030, a vision centered around human capital and innovation
Strategic Partnership for Digital Economy
Kamal Youssefi, president of the Hashgraph Association, praised the strategic partnership with the Saudi government. Youssefi highlighted the organization’s eagerness to contribute to the three pillars of Vision 2030 and foster a thriving digital economy in Saudi Arabia.
The deep tech venture studio is not just a financial endeavor; it is set to provide technical engineering, training, and certification services. Additionally, it will offer support in areas such as marketing, legal matters, and regulatory compliance.
Phased Approach and Funding Allocation
The partnership will focus on local operations in its first year, integrating the initial 100 projects. The subsequent phases aim to incorporate 200 projects each, totaling 500 empowered ventures. Eligible startups may receive up to $250,000, while enterprises could be granted a maximum of $500,000, as per the announcement.
Conclusion
The collaboration between the Hashgraph Association and the Saudi government marks a significant stride towards technological innovation. By establishing the Deep Tech Venture Studio, they not only invest in companies but also provide comprehensive support services. Reflecting a commitment to realizing the goals outlined in Saudi Vision 2030. This strategic partnership not only benefits the involved entities but also contributes to the broader aim of fostering a dynamic and prosperous society in Saudi Arabia.
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