In a landmark collaboration, the Hashgraph Association, a Swiss nonprofit advocating for the Hedera blockchain, has joined forces with Saudi Arabia’s Ministry of Investment to inaugurate a groundbreaking $250 million Deep Tech Venture Studio. This venture aims to propel technological innovation by supporting 500 companies in the fields of artificial intelligence (AI), blockchain, and quantum computing, in line with the ambitious goals of Saudi Vision 2030.
The Deep Tech Venture Studio, valued at $250 million, sets forth an ambitious mission to empower 500 companies between 2024 and 2028. With a focus on fostering innovation and entrepreneurship, the studio aims to provide selected companies with the necessary resources and support to thrive in the competitive global market.
Munirah Alaboudi, General Manager of Human Capital & Innovation at the Ministry of Investment of Saudi Arabia, expressed enthusiasm for the venture, highlighting its alignment with the principles of Saudi Vision 2030. Emphasizing the importance of entrepreneurship in driving economic growth and innovation, Alaboudi underscored the studio’s role in shaping a vibrant entrepreneurial ecosystem in the kingdom.
The collaboration between the Hashgraph Association and the Saudi government signifies a strategic partnership aimed at fostering a thriving digital economy. Kamal Youssefi, president of the Hashgraph Association, praised the partnership, emphasizing the organization’s commitment to contributing to the goals outlined in Saudi Vision 2030. By providing comprehensive support services, including technical engineering, training, and certification, the venture aims to nurture a new generation of tech entrepreneurs in Saudi Arabia.
The venture will adopt a phased approach, with a focus on local operations in its initial year, integrating 100 projects. Subsequent phases will expand to incorporate 200 projects each, culminating in a total of 500 empowered ventures. Startups and enterprises eligible for support may receive funding of up to $250,000 and $500,000, respectively, reflecting the venture’s commitment to nurturing innovation at all levels.
The launch of the $250 million Deep Tech Venture Studio represents a significant milestone in Saudi Arabia’s journey towards technological advancement and economic diversification. By providing financial support, technical expertise, and comprehensive services, the partnership between the Hashgraph Association and the Saudi Ministry of Investment is poised to catalyze innovation and drive sustainable growth in alignment with Saudi Vision 2030. This strategic collaboration not only benefits the participating companies but also contributes to the broader goal of building a dynamic and prosperous society in Saudi Arabia.