RIYADH: Red Sea Global has joined forces with Bunat Ventures to launch a pioneering fund dedicated to artificial intelligence startups in the Kingdom.
The new AI venture fund will target early-and growth-stage companies that are either built on AI or use it as a core component of their business, according to a press release.
With plans to support around 25 startups over the next three years, the fund offers more than capital. It will provide selected companies, specifically those based in Saudi Arabia, with access to real-world testing grounds within RSG’s expansive operations, including luxury resorts and an international airport.
Sultan Moraished, group head of Technology and Corporate Excellence at Red Sea Global, framed the partnership as essential for the future. “At Red Sea Global, we view innovation as a catalyst for a regenerative future,” he said.
“This partnership with Bunat VC reflects our belief that technology is fundamental to sustainability, enabling us to invest in bold ideas that will accelerate the Kingdom’s digital transformation and inspire global progress,” Moraished added.
