The Hashgraph Association and Ministry of Investment of Saudi Arabia Partner to Launch DeepTech Venture Studio
The Hashgraph Association (THA), a Swiss-based organization focused on digital enablement, has announced a strategic partnership with the Ministry of Investment of Saudi Arabia (MISA). The partnership aims to launch a DeepTech Venture Studio in Riyadh, with an investment commitment of $250M USD over five years.
Empowering Innovation and Entrepreneurship in Saudi Arabia
The DeepTech Venture Studio, set to be launched by The Hashgraph Association, will provide a platform for local Saudi companies, as well as international portfolio companies, to develop innovative solutions leveraging deep tech such as AI, DLT, Robotics, IoT, VR, and Quantum Computing. The program aims to empower over 500 companies and will receive dedicated support from the Ministry of Investment of Saudi Arabia. This support includes the facilitation of entrepreneurial licenses, connection with government stakeholders and investors, and compliance with Saudi laws and regulations.
Strategic Partnership for a Digital Future
Kamal Youssefi, President of The Hashgraph Association, expressed excitement about the partnership and its potential contribution to Saudi Arabia’s Vision 2030. He emphasized the organization’s commitment to investing in a digital future and fostering a thriving digital economy in the country.
A Comprehensive Program for DeepTech Startups
The DeepTech Venture Studio, managed by The Hashgraph Group (THG), will provide a wide range of support to startups participating in the program. This includes technical engineering, project delivery, marketing, venture capital investments, and even IPO listing support on the Saudi Exchange. The program will be divided into three phases, with the initial phase focused on ramping up local operations and onboarding the first batch of 100 projects.
Creating a Robust Ecosystem for DeepTech Innovation
To ensure the success of the program, THG will recruit and onboard talented engineers and industry experts. They will also collaborate with leading Saudi-based technology partners, academic institutions, and international organizations. The Hashgraph Association already has partnerships with IBM, BCGX, and other prominent firms. Interested applicants, partners, and investors can register their interest on the registration webpage of the DeepTech Venture Studio.
About Ministry of Investment of Saudi Arabia
The Ministry of Investment of Saudi Arabia (MISA) is responsible for foreign investment affairs in the country. It issues licenses to foreign investors and establishes investment policies and development plans. MISA also evaluates investment opportunities and prepares investment studies. For more information, visit www.misa.gov.sa.
About The Hashgraph Association
As a non-profit organization based in Switzerland, The Hashgraph Association supports and funds the adoption of Hedera-powered enterprise-grade solutions and decentralized applications. It focuses on fostering economic inclusion and a digital future for all with a positive ESG impact. For more information, visit www.hashgraph-association.com.
Analyst comment
Positive news: The Hashgraph Association and the Ministry of Investment of Saudi Arabia are partnering to launch a DeepTech Venture Studio in Riyadh with a $250M investment commitment over five years. This partnership aims to empower over 500 companies and will provide support, connections, and compliance assistance to startups. The program will create a robust ecosystem for DeepTech innovation and contribute to Saudi Arabia’s Vision 2030 of a thriving digital economy. The market is expected to experience growth and increased innovation in the DeepTech sector.
