The startup portfolio from King Abdullah University of Science and Technology (KAUST) has achieved a major milestone, surpassing $1 billion in total investments. This achievement highlights a landmark year for the university’s efforts in fostering the growth of Saudi Arabia’s advanced and deep tech sectors. The portfolio now boasts a total valuation of over $2 billion, has generated $925 million in revenue, and created 6,661 jobs.
A Landmark Year for Saudi Deep Tech
In 2024 alone, KAUST-backed startups successfully raised a combined $150 million, signaling strong and growing investor confidence in the Kingdom’s innovation ecosystem. The KAUST Innovation strategy focuses on co-investing alongside local and international venture capital firms to support the translation of the university’s cutting-edge research into high-impact technologies and solutions.
“Crossing the billion-dollar investment threshold is not just a numerical achievement; it is proof that the Saudi deep tech sector is globally competitive,” said Dr. Ian Campbell, Vice President of the National Transformation Institute at KAUST. “Through the KAUST Innovation ecosystem, we are able to transform pioneering scientific research into world-class companies, contributing to Saudi Vision 2030 by empowering entrepreneurs, creating jobs, and attracting global investment.”
Key Funding Rounds of 2024
Several significant deals in 2024 have underscored the portfolio’s momentum:
- Edama: Raised over $5.6 million from the Saudi Investment Recycling Company (SIRC) to expand its circular economy facilities.
- Intelmatix: Secured $20 million to develop its artificial intelligence technologies and facilitate their adoption by commercial enterprises across various sectors.
- Flynow: Received $44 million to establish manufacturing facilities for its electric copters (eCopters) in Saudi Arabia and the UAE.
- Rize: Closed a $35 million round to expand its “rent now, pay later” real estate platform in partnership with Aqar, the largest real estate marketplace in the Kingdom.
Fostering Global Collaboration at Spectrum 2025
These achievements were celebrated at Spectrum 2025, KAUST Innovation’s flagship event for startups and investors, held in Riyadh. The event was organized in partnership with leading ecosystem players including Wa’ed Ventures, 500 Global, Antler, Impact46, and The Garage (KACST). Under the theme “Explore. Connect. Invest.”, the 2025 edition hosted 29 startups and 40 leading venture capital firms from around the world.
The event also introduced four new global VC partners: Techstars, NewLab, First Star Ventures, and Foundtech Labs. These firms bring new capital, global expertise, and strategic partnerships to bolster the Kingdom’s deep tech sector, collaborating with KAUST on new programs to support startups in mobility, energy, and sustainability.
From Lab to Global Markets
The growing international investment in Saudi startups is a testament to the global appeal of KAUST-backed ventures. This has enabled several companies to expand effectively on the international stage.
Prominent examples include Rimrubber, which now offers on-demand tire sales and installation services across Saudi Arabia, Bahrain, Qatar, and the UAE, and iStoria, an EdTech platform helping non-native speakers learn English across Europe, Latin America, and the Middle East.
Haitham Al-Homsi, Director of Innovation Ecosystem at KAUST, commented, “Our ecosystem proves that the convergence of science and entrepreneurship generates real economic transformation. The impact of KAUST startups goes beyond funding; they are building industries, supporting new sectors of the economy, creating advanced technology jobs, and attracting the global capital and expertise that will shape a new decade of Saudi innovation.”
About KAUST Innovation
KAUST Innovation is the entrepreneurship and economic development arm of King Abdullah University of Science and Technology. It is dedicated to translating the university’s world-class scientific research into market-ready deep tech ventures. Through a comprehensive ecosystem of funding, mentorship, and strategic partnerships, KAUST Innovation supports startups from ideation to global scaling, driving economic diversification and contributing to Saudi Arabia’s Vision 2030.
Source: Maaal
