Intelmatix's EDIX platform is designed to overcome challenges faced by businesses in the MENA region, such as access to AI skills and expertise, data complexity, and high costs. The platform, which does not require an AI team to use, can be quickly deployed across businesses. Currently, the startup is focusing on retail, logistics, and workforce sectors. The new funding will be used to expand the platform's capabilities and reach, and to target larger and medium businesses as well as public entities in the MENA region. The Series A round was led by Shorooq Partners, with participation from several private and public entities.
Key takeaways:
- Intelmatix, a deep tech B2B startup, has closed a $20 million Series A funding round. The company aims to help businesses in the MENA region utilize AI for decision-making.
- The startup launched its enterprise AI platform, EDIX, in March 2024 and has already acquired 10 enterprise customers. With the new funding, it plans to expand its targeting to medium and smaller businesses.
- Intelmatix's platform, EDIX, is designed to overcome the challenges of AI adoption in the MENA region by providing local data, knowledge, and expertise. It can be deployed quickly across businesses and does not require an AI team to use.
- The Series A round was led by Shorooq Partners, with participation from private and public entities, including Olayan Financing Company, Rua Growth Fund, Saudi Technology Ventures, Saudi Venture Capital Company, Sultan Holdings and Zain Ventures.