The Hashgraph Association, a nonprofit organization based in Switzerland, announced on Feb. 7 that it had partnered with Saudi Arabia’s Ministry of Investment to launch a deep tech venture studio. The venture studio’s objective is to assist both Saudi and foreign companies develop innovative solutions using deep tech, such as artificial intelligence (AI), blockchain, and quantum computing.
Hashgraph Association Partners With Saudi Government to Launch Deep Tech Venture Studio
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Deep Tech Venture Studio to Empower 500 Companies
The Hashgraph Association, a nonprofit organization based in Switzerland that promotes the adoption of the Hedera blockchain, has partnered with Saudi Arabia’s Ministry of Investment to launch a deep tech venture studio. The venture studio’s objective is to assist both Saudi and foreign companies in developing innovative solutions using deep tech, such as artificial intelligence (AI), blockchain, and quantum computing.
According to a statement, the Deep Tech Venture Studio, valued at $250 million, aims to onboard and empower 500 companies from 2024 to 2028. As part of the partnership agreement, the Saudi ministry will assist the selected companies in obtaining licenses and gaining access to the Saudi Arabian market.
Remarking on the venture studio’s launch, Munirah Alaboudi, General Manager, Human Capital & Innovation at the Ministry of Investment of Saudi Arabia, said:
The Ministry of Investment welcomes the launch of a Deep Tech Venture Studio in Riyadh by The Hashgraph Association. With human capital and innovation at the heart of the Saudi Vision 2030, we look forward to the empowerment of entrepreneurship for a vibrant society in Saudi Arabia.
Kamal Youssefi, president of the Hashgraph Association, praised his organization’s strategic partnership with the Saudi government. Youssefi also articulated his organization’s eagerness to “contribute to the three pillars of Vision 2030 and foster a thriving digital economy in Saudi Arabia.”
According to the announcement, the deep tech venture studio is set to offer technical engineering, training, and certification. In addition, the studio will provide services including marketing, legal, and regulatory compliance.
In the first year, the partnership will concentrate on escalating local operations and integrating the first 100 projects. During its second phase, the deep tech venture studio anticipates incorporating 200 projects within 24 months, with an additional 200 in the final phase. As per the statement, eligible startups could receive up to $250,000, while enterprises could be granted a maximum of $500,000.
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