The Hashgraph Association and the Ministry of Investment of Saudi Arabia have jointly unveiled a colossal $250 million venture studio. Their goal is to bolster the capabilities of more than 500 companies dedicated to pushing the boundaries in fields like artificial intelligence, blockchain, and virtual reality.
Announced on a Thursday, the partnership has solidified a five-year plan to establish the DeepTech Venture Studio in Riyadh, marking a significant leap in promoting Web3 and cutting-edge technological innovation within the nation. The studio’s mission is to provide over 500 companies with essential tools and support to create groundbreaking tech solutions in sectors such as AI, distributed ledger technology (DLT), robotics, Internet of Things (IoT), VR, and quantum computing.
Hedera Hashgraph, the technology platform at the heart of this initiative, is set to catalyze a surge in the technological sector’s growth. This collaboration underscores the Kingdom’s strategic pivot away from its oil-reliant economy towards nurturing a fertile environment for startups and entrepreneurial ventures.
The support from the DeepTech Venture Studio extends beyond just technical engineering. It includes training, certification, project delivery, product development, business strategy, commercialization, marketing, and navigating legal and regulatory frameworks. Furthermore, it provides guidance on venture capital investment and assistance with IPO listings on the Saudi Exchange, all managed under the auspices of the Hashgraph Group to sharpen the competitive edge of Saudi enterprises on a global scale.
The studio’s comprehensive partnership exhibits a shared dedication to Saudi Arabia’s technological ambition. Hedera Hashgraph employs an innovative consensus mechanism that enables the rapid agreement between network participants, enhancing applications that span transactions, gaming, and identity verification.
The Venture Studio’s initial phase, Phase A, will concentrate on establishing local operations and integrating the first 100 projects within a year. The subsequent Phase B plans to expedite the onboarding process for an additional 200 projects over 24 months while maintaining steady-state operations. The final phase will expand the studio’s global reach, bring in the last 200 projects, and offer substantial venture capital investments, with up to $250,000 for startups and up to $500,000 for enterprises.
This joint venture is a testament to the commitment towards investing in a digital future, laying the foundation for a robust digital economy in Saudi Arabia. Starting with the local scale-up and integration of the first 100 projects, the studio’s phased approach is meticulously designed for both local and global acceleration and expansion.