The Hashgraph Association and the Saudi Arabian Ministry of Investment have established a $250 million DeepTech Venture Studio in Riyadh to support more than 500 companies in developing advanced AI, blockchain and VR solutions.
Hashgraph (HBAR) In a groundbreaking move, the Association announced a strategic partnership with the Saudi Arabian Ministry of Investment (MISA) to establish the DeepTech Venture Studio in Riyadh. This collaboration, outlined in a five-year contract worth $250 million, marks an important milestone in fostering Web3 and deeper technology development in the Kingdom. The venture’s goal is to provide more than 500 companies with the tools and resources they need to develop innovative technology solutions and leverage technological advancements to strengthen their capabilities. A.I (AI), distributed ledger technology (DLT), robotics, Internet of Things (IoT), virtual reality (VR) and quantum computing.
DeepTech Venture Studio is designed to be a hub for technological innovation in Riyadh, highlighting Saudi Arabia’s commitment to diversifying its economy and embracing technological advancements. Through this initiative, Hedera Hashgraph aims to foster the growth of the technology sector to achieve breakthroughs in various industries. This partnership not only highlights the Kingdom’s strategic shift away from a traditional oil-based economy, but also demonstrates the Kingdom’s commitment to fostering a dynamic ecosystem for startups and entrepreneurs.
In addition to providing technical engineering, training and certification, and project delivery services, DeepTech Venture Studio will provide support for product development, business strategy, commercialization, marketing, legal and regulatory compliance, and venture capital investments. This includes support for IPO listing on the Saudi Exchange (“Tadāwul”). The initiative, managed by The Hashgraph Group, is part of a broader effort to strengthen the competitiveness of Saudi businesses globally.
This partnership reflects our mutual commitment to investing in the digital future and contributes positively to the three pillars of Saudi Vision 2030, which aims to foster a thriving digital economy in Saudi Arabia. Venture Studio’s initial phase is focused on strengthening local operations and onboarding the first batch of 100 projects, while subsequent phases aim to accelerate and scale operations regionally and globally.
Overall, the DeepTech Venture Studio represents a significant step forward in the Kingdom’s efforts to become a leading hub for fintech and technological innovation, in line with its broader economic diversification and innovation strategy.
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