Hashgraph Association partners with Saudi Arabia to launch DeepTech Venture Studio in Riyadh
The Hashgraph Association (THA) has partnered with the Ministry of Investment of Saudi Arabia (MISA) to establish a DeepTech Venture Studio in Riyadh. Valued at $250 million over five years, this initiative aims to drive innovation in Saudi Arabia by providing support to local and international companies in developing cutting-edge technological solutions.
The DeepTech Venture Studio will offer comprehensive assistance and aims to onboard over 500 companies, aligning with Saudi Vision 2030. It will enable both local and international firms to leverage deep tech solutions such as AI, DLT, robotics, IoT, virtual reality, and quantum computing.
Kamal Youssefi, President of The Hashgraph Association, expressed excitement about the partnership, stating, “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, which will contribute to Vision 2030 and foster a thriving digital economy in Saudi Arabia.”
The Ministry of Investment of Saudi Arabia will provide dedicated support to the DeepTech Venture Studio by facilitating entrepreneurial licenses and ensuring compliance with Saudi laws and regulations. They will also connect the studio with key government stakeholders, strategic partners, and investors.
The Venture Studio will offer various services, including technical engineering, training and certification, project delivery, product development, business strategy, commercialization, marketing, legal and regulatory compliance, and venture capital investments. There is also potential for IPO listing support on the Saudi Exchange Home (Tadawul).
The DeepTech Venture Studio will be implemented in three phases. Phase A 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. The final phase will scale up operations globally, onboard the remaining 200 projects, and provide up to $250,000 in venture capital investment for startups and up to $500,000 for enterprises.
Analyst comment
Positive news: The Hashgraph Association has partnered with Saudi Arabia to launch a DeepTech Venture Studio in Riyadh. This initiative aims to drive innovation by providing support and resources to local and international companies in developing cutting-edge technological solutions. The market is expected to see increased growth and investment in deep tech, leading to a thriving digital economy in Saudi Arabia.
