Hashgraph Association Partners with Saudi Ministry of Investment to Launch DeepTech Venture Studio in Riyadh
The Hashgraph Association (THA) has announced a groundbreaking partnership with the Ministry of Investment of Saudi Arabia (MISA) to establish a “DeepTech Venture Studio” in Riyadh. This collaboration aims to foster innovation, business growth, and cross-industry collaboration within the Hedera ecosystem. THA has committed $50 million to the venture, and together with MISA, they intend to secure co-investors to raise the Studio’s budget to an impressive $250 million over five years.
Empowering the Next Generation of DeepTech Entrepreneurs
The DeepTech Venture Studio, based in Riyadh, will focus on advancing technologies such as web3, distributed ledger technology (DLT), and artificial intelligence (AI). It will also extend its reach into the realms of virtual reality, robotics, and quantum computing. The Studio’s ambitious vision is to support the development of more than 500 companies over the course of five years, with an initial target of 100 companies in the first year alone. To achieve this, the Ministry of Investment of Saudi Arabia will facilitate licenses and compliance, as well as help establish connections with government stakeholders and strategic partners.
Drawing International Interest: Saudi Arabia as a Focal Point for DeepTech Ventures
The DeepTech Venture Studio will initially focus on supporting local Saudi companies, but it will subsequently expand its reach to encompass international firms interested in setting up operations in the Kingdom. Companies that qualify for participation will receive venture capital investments of up to $250,000 for startups and $500,000 for enterprises. In addition to financial support, the Studio will provide comprehensive training and assistance in areas such as engineering, product development, and compliance. This inclusive approach is aimed at empowering aspiring entrepreneurs and innovators in the Web3 space.
Saudi Arabia’s Commitment to Embracing Web3 and Fintech
This landmark partnership highlights Saudi Arabia’s growing interest in web3 and financial technology. In December, Japanese financial giant SBI announced a collaboration with state-controlled Saudi Aramco and plans to establish the headquarters of SBI Middle East in Riyadh, showcasing the Kingdom’s dedication to becoming a hub for emerging technologies and cutting-edge financial innovation. SBI is renowned for its global investments in DLT and web3, making it one of the most influential players in the industry. The firm also engages in various fintech activities across multiple technological domains.
Conclusion: A Collaborative Effort to Empower Technological Advancement
The partnership between THA and MISA to launch the DeepTech Venture Studio in Riyadh demonstrates a shared commitment to nurturing technological advancement and cross-industry collaboration. The Studio’s focus on fostering the growth of web3, DLT, AI, virtual reality, robotics, and quantum computing showcases the Kingdom’s determination to stay at the forefront of emerging technologies. Through their investments, training programs, and comprehensive support, THA and MISA aim to empower the next generation of entrepreneurs and innovators, propelling the development of groundbreaking solutions in the deep tech space.
Analyst comment
Positive news: The Hashgraph Association is partnering with the Saudi Ministry of Investment to establish a DeepTech Venture Studio in Riyadh. This collaboration aims to foster innovation, business growth, and cross-industry collaboration. The Studio will focus on advancing technologies such as web3, DLT, AI, robotics, and quantum computing. The partnership showcases Saudi Arabia’s commitment to embracing web3 and fintech. Analyst view: The market is expected to see an increase in technological advancement and cross-industry collaboration, with the potential for growth in deep tech solutions in the coming years.
