#Oman #venturecapital - Oman’s first private venture capital firm, Phaze Ventures, has launched two funds targeting more than $75 million combined, with over $40 million in investor commitments secured so far. Anchored by ITHCA Group (Oman Investment Authority’s subsidiary), Ominvest and Oman LNG Development Foundation, Phaze Ventures Fund II backs AI and deeptech startups globally. Phaze Ventures Oman Fund, anchored by Future Fund Oman, is a dedicated pool for homegrown AI-enabled businesses. The platform has already made 10 investments.
SO WHAT? - Launching in 2018, Phaze Ventures was Oman’s first dedicated venture capital firm in a market that had few local venture capital options. So, the announcement of two new funds follows eight years of experience of and track record in the Omani market. The funds’ focus on AI mirrors the recent acceleration in the country’s AI adoption, the bolstering of the national AI strategy and the rise of specialised AI startup ventures.
KEY POINTS:
Phaze Ventures launched two venture funds targeting more than $75 million combined. It has secured over $40 million in commitments and is in discussions to grow the platform to the full target.
Phaze Ventures Fund II is anchored by ITHCA Group, a subsidiary of Oman Investment Authority, alongside Ominvest and Oman LNG Development Foundation. It continues the firm’s global AI and deeptech mandate.
Phaze Ventures Oman Fund is anchored by Future Fund Oman. It creates a dedicated capital pool for homegrown Omani AI-enabled businesses.
The two funds have made 10 investments so far, including Arabic.AI, Sully.ai, Andromeda Surgical, Boardy.ai and Metal. Co-investors include a16z, 8VC, Standard Capital, Y Combinator and Baidu Ventures.
Arabic.AI develops Arabic-language enterprise AI, with investment from Saudi Arabia’s HUMAIN and a partnership with Qualcomm Technologies. Andromeda Surgical, which is building AI-guided robotic surgery, raised a $15 million Series A led by Standard Capital after Phaze Ventures backed it.
Phaze Ventures invested in the seed round of Metal, an AI fundraising platform, alongside Y Combinator and a16z. NVIDIA has published a case study on Sully.ai showing a 90 percent cut in inference costs.
Founded in 2018 by Abdullah Al Shaksy, Mohammed Al Wahaibi and Masoud Al Rawahi, Phaze Ventures focuses on early-stage AI and deeptech companies in the GCC and North America. It has team members in Muscat, Dubai and Riyadh.
The firm manages capital for more than 50 investors, including sovereign entities, listed companies, family offices and business families across Oman, Saudi Arabia, Bahrain, India and beyond.
The launch comes as Oman builds the International Financial Centre of Oman, a new hub for international companies and investors.
[Written and edited with the assistance of AI]
Source: Phaze Ventures
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