Aramco’s VC Arm Backs Record AI Funding Round for Saudi Startup

Saudi Aramco’s venture capital arm, Wa’ed Ventures, has backed a $30 million Series B funding round for local artificial intelligence startup Lucidya, marking the largest such raise by an artificial intelligence company in the kingdom.

Wa’ed Ventures participated in the round alongside lead investor Impact46. Takamol Ventures, SparkLabs and returning backers Rua Growth Fund and ARG also joined, according to a statement from Lucidya. Individual investment amounts were not disclosed.

The deal adds to a wave of Series A and B activity gaining traction in Saudi Arabia and the United Arab Emirates amid increased government support and a growing appetite ...