Wa'ed, the entrepreneurship arm of Saudi Aramco, has announced an undisclosed amount of venture capital investment in Fathom Solutions, a global software company driving digital business agility and operational data efficiency in various industrial sectors.
The Saudi-based firm, established in 2019 by Ibrahim Al-Baloud, began in the oil and gas industry but has since expanded its solutions to address all related areas in the industrial market. It plans to accelerate value creation and business revenue by transforming big data into Artificial Intelligence (AI) for machine learning (ML) model training and application development and deployment.
Through Fathom platform have created three main intelligent application suites, Fathom Wells, Fathom Pipelines, and Fathom Manufacturing, the company is able to build customized AI platforms that help leading industrial companies, such as Saudi Aramco, get insights on their operational data as well as implement their own AI applications for downstream and upstream asset management. This will help Fathom’s clients develop a new business model with their partners and vendors that shifts from demand-based to time-based operations, increasing overall productivity as a result.
“We are excited to have our venture supported by Wa’ed to help scale cutting-edge technology within the industry. Providing positive contributions towards the Saudi Vision 2030 through technological advancement is something that Fathom Solutions greatly relishes,” said Ibrahim Al-Baloud, CEO and President of Fathom Solutions.
Wa’ed’s decision to invest in Fathom is deeply in line with a growing national movement towards accelerating the fourth industrial revolution, which, according to national statistics from the Saudi Ministry of Investment (MISA), is expected to reach $7.9 billion in market size in Saudi Arabia alone by 2030.
Being located in Dhahran, Fathom will be able to contribute to the Saudi Vision’s transformative mission to increase technological infrastructure readiness in industrial cities from 50% to a full 100% by 2025, as laid out by MISA.
“It is rare to see AI champions of Fathom’s caliber who demonstrate such digitally agile culture as well as advanced international knowledge. Wa’ed is eager to help grow Fathom’s global team and partner with it to offer customizable AI solutions to address precisely what this sensitive sector is in need of.” said Fahad Alidi, Managing Director at Wa’ed.
In addition to its head quarter office in Dhahran and its regional office in Texas, Fathom Solutions has recently expanded its operations to Oslo, the capital of Norway, as well as Kyiv and Warsaw to meet the increasing global demand for Industry 4.0 technologies.
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About Wa’ed
Wa’ed is the entrepreneurship arm of Saudi Aramco and the largest and most active institutional venture capital investor for Saudi-based start-ups, providing end-to-end support in mentoring, incubation, loan financing and venture capital investment. Established by Saudi Aramco in 2011 to harness the Kingdom’s entrepreneurial spirit, Wa’ed is an essential enabler of new business growth and economic diversification through its loan financing activities and Wa’ed VC arm, Wa’ed Ventures, which oversees $200 million in assets and a portfolio of 30+ Saudi-based companies. Based in Dhahran, Saudi Arabia, Wa’ed is a fully owned venture of Saudi Aramco. For more information: www.waed.net
About FATHOM SOLUTIONS
FATHOM SOLUTIONS is a Saudi-based global software company that provides custom-made enterprise Artificial Intelligence (AI) platforms to delivery intelligent application suites at scale towards achieving business agility. Established in 2019 by Ibrahim Al-Baloud, Fathom partners with leading industrial companies in various industries including the oil and gas, the supply chain, and the manufacturing industry. It operates through multiple regional offices in Texas, Kyiv, Oslo, and Warsaw in addition to its local office in Dhahran, Saudi Arabia. For more information: https://fathom.io/
For more information please contact:
Emi O’Connor
E: emi.oconnor@waed.net
Nagham Aleithan
E: nagham.aleithan@waed.net
© Press Release 2021
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