PHOTO
Big amount of US Dollar bank notes. Getty Images Image used for illustrative purpose.
Saudi Aramco’s Wa’ed Ventures, along with another Saudi Arabian venture capital fund Hala Ventures, has led a funding round that raised $3.4 million for Intella, a market research start-up founded in Egypt.
The pre-Series A round was also participated by Sanabil500 and INSEAD’s alumni angel network, along with other investors, according to a statement on Tuesday.
Like Aramco’s $500 million venture capital fund Wa’ed, Hala also supports tech start-ups, particularly those in early stages.
The fresh capital will be used to support Intella’s expansion into the Saudi market and the development of end-to-end artificial intelligence (AI) models localised for the MENA region.
Founded in 2021, Intella is focused on delivering real-time intelligence to companies, including market research, multi-dialect Arabic voice transcription and chatbots.
Its clients include government entities, small businesses, financial institutions and start-ups.
(Writing by Cleofe Maceda; editing by Seban Scaria)