Wa’ed Ventures, the $500 million venture capital arm of Saudi Aramco, is marking a decade of pivotal contributions to the Kingdom’s innovation landscape. Evolving from its origins as the Aramco Entrepreneurship Center in 2011, the fund has become a cornerstone in localizing cutting-edge technology and empowering a new generation of startups, aligning its mission with the ambitious goals of Saudi Vision 2030.
Recently, Wa’ed Ventures has made significant strides in strategic sectors like AI, sustainability, and health tech through a series of key investments and initiatives.
Strategic Investments in AI and Deep Tech
Wa’ed Ventures has recently deployed capital into several high-potential technology companies, focusing on bringing next-generation solutions to the Kingdom.
Graviton: An investment of $9 million was directed towards the next-generation cloud platform developing AI-powered data networks to combat advanced cybersecurity threats.
Lucidya: The fund invested $5 million to help the company empower businesses across telecom, finance, and healthcare to automate customer interactions, reduce operational costs, and enhance overall performance.
Pasqal: A further $4 million was allocated to accelerate the localization of quantum computing technologies in Saudi Arabia. The investment supports Pasqal’s collaboration with Saudi Aramco to install, maintain, and operate the Kingdom’s first 200-qubit quantum computer, expected to be operational by the end of this year.
Ori: The UK-based startup received a $3 million investment to fast-track the localization of its AI-native cloud infrastructure technologies within the Kingdom.
Fostering Global Expansion and Partnerships
Beyond direct investments, Wa’ed Ventures is building strategic alliances to create pathways for its portfolio companies. A recent collaboration with the Saudi Export Development Authority has seen 74 portfolio companies, including Hazen and Amplefy, join the “Saudi Export Catalyzing Program.” This support enabled Hazen to enter the UK, Italian, and Moroccan markets, while Amplefy expanded into Bahrain and the UAE.
Furthermore, a strategic partnership with the Ministry of Investment has launched the “Global Startup Attraction Program.” The initiative aims to create dedicated localization tracks for international deep-tech startups, with a target of creating over 7,000 jobs and attracting companies with a total market value exceeding SAR 25 billion by 2030. Three Wa’ed Ventures portfolio companies—Curesill, Teraki, and Rebellions—have already joined the program’s inaugural cohort.
Successful Portfolio Exits
The fund’s success is also reflected in two recent portfolio exits through acquisitions by global firms. Altea, a French company, was acquired by GE Vernova, while the pioneering cybersecurity firm SpiderSilk was acquired by CPX to combine expertise in cyber threat detection, analysis, and response.
About Wa’ed Ventures
Wa’ed Ventures is the venture capital arm of Saudi Aramco, established to ignite the spirit of entrepreneurship and foster a robust innovation ecosystem within Saudi Arabia. With a $500 million fund, it invests in promising local and international tech startups across various stages, aiming to drive economic growth and support the objectives of Saudi Vision 2030 by localizing technology and empowering entrepreneurs.
Source: Sabq
