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)