The Hashgraph Association and Saudi Arabia’s Ministry of Investment Launch $250M DeepTech Venture Studio
The Hashgraph Association and Saudi Arabia’s Ministry of Investment have partnered to establish the DeepTech Venture Studio in Riyadh, with a five-year agreement worth $250 million. This collaboration aims to support over 500 companies in developing advanced technologies such as artificial intelligence (AI), blockchain, and virtual reality (VR). The goal is to empower these companies by providing them with the necessary tools and resources to create innovative solutions.
Fostering Technological Innovation in Riyadh
The DeepTech Venture Studio will serve as a hub for technological innovation in Riyadh, reflecting Saudi Arabia’s commitment to diversifying its economy and embracing technological advancements. This initiative by Hedera Hashgraph seeks to stimulate growth in the technology sector and foster a dynamic ecosystem for startups and entrepreneurs.
Comprehensive Support for Startups
In addition to technical engineering, training, certification, and project delivery services, the DeepTech Venture Studio will provide support in various areas such as product development, business strategy, marketing, legal compliance, and venture capital investments. It will also offer IPO listing support on the Saudi Exchange (“Tadāwul”). Managed by The Hashgraph Group, this initiative aims to enhance the global competitiveness of Saudi companies.
Contributing to Saudi Vision 2030
This partnership aligns with Saudi Vision 2030’s goal of fostering a thriving digital economy. The initial phase of the Venture Studio will focus on local operations and onboarding the first batch of 100 projects. Subsequent phases will aim to accelerate and scale up operations both locally and globally.
Driving Economic Diversification and Innovation
The DeepTech Venture Studio represents a significant step forward in Saudi Arabia’s efforts to become a leading hub for fintech and technological innovation. It supports the country’s broader economic diversification and innovation strategy.
Hot Take: Saudi Arabia and Hashgraph Association Launch $250M DeepTech Venture Studio
The partnership between Saudi Arabia’s Ministry of Investment and the Hashgraph Association marks a groundbreaking move in fostering technological innovation. With a substantial investment of $250 million, the DeepTech Venture Studio aims to empower over 500 companies in developing advanced technologies. This initiative not only reflects Saudi Arabia’s commitment to diversifying its economy but also showcases its dedication to creating a dynamic startup ecosystem. By providing comprehensive support and leveraging cutting-edge technologies, the Venture Studio contributes to Saudi Vision 2030’s goal of a thriving digital economy. This collaboration positions Saudi Arabia as a prominent player in the global fintech and innovation landscape.
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