Oman-based venture capital firm Phaze Ventures has secured more than $40 million in commitments for two funds targeting a combined total of over $75 million.
The funds will back AI and deeptech companies globally, while supporting AI-enabled businesses developing in Oman. Phaze Ventures said the vehicles are designed to give investors exposure to emerging technologies and provide local startups with access to growth capital.
Phaze Ventures Fund II will pursue the firm’s global investment strategy. Its anchor investors include ITHCA Group, a subsidiary of the Oman Investment Authority, Ominvest and Oman LNG Development Foundation. The Phaze Ventures Oman Fund is focused on companies in Oman and counts Future Fund Oman as its anchor investor.
The funds have already deployed more than $10 million across 10 companies, according to the firm’s press kit. These include Arabic.AI, Sully.ai, Andromeda Surgical, Boardy.ai and Metal, spanning enterprise AI, healthcare, robotic surgery and venture fundraising.
Phaze Ventures said it has invested alongside international firms including Andreessen Horowitz, 8VC, Standard Capital, Y Combinator and Baidu Ventures. The firm is continuing to raise capital toward its combined target as Oman seeks to expand its role in AI and deeptech.
Source: Waya
