Saudi deep tech startups raise more than $100 million since 2020
New report identifies five pillars for Saudi Arabia's deep tech ecosystem
#SaudiArabia #deeptech – Saudi Arabia’s Ministry of Communications and Information Technology (MCIT), in partnership with King Abdullah University of Science and Technology (KAUST) and Hello Tomorrow, has published a report on the Kingdom’s deep tech ecosystem. According to the study, Saudi deep tech startups have raised over $100 million in funding since 2020. Mapping Saudi Arabia’s Deep Tech Ecosystem defines five pillars for the sector: ecosystem development, investment, infrastructure, talent, and government incentives. It also identifies 43 high-growth startups: 50 percent of which focus on AI and IoT (Internet of Things) technologies.
SO WHAT? – Over the past few years an increasing number of initiatives have been created to help build a significant deep tech ecosystem including KAUST’s Destination Deep Tech three-month startup programme; a Deep Tech Venture Studio launched by The Hashgraph Association and the Ministry of Investment last year; and the National Semiconductor Hub, backed by the National Technology Development Program (NTDP), KAUST and KACST (King Abdulaziz City for Science and Technology). The new ecosystem report provides another resource to help policymakers and investors develop Saudi Arabia’s deep tech ecosystem.
Here are some key facts about the report and its findings:
Saudi Arabia's Ministry of Communications and Information Technology (MCIT), in partnership with King Abdullah University of Science and Technology (KAUST) and Hello Tomorrow have released Mapping Saudi Arabia’s Deep Tech Ecosystem. The report provides an assessment of the Kingdom’s deep tech ecosystem, together with broad recommendations for development.
The report highlights five pillars critical to deep tech: ecosystem, investment, infrastructure, talent, and supportive policies.
Saudi deep tech startups have raised over $100 million since 2020.
The report identifies 43 high-growth deep tech startups driving innovation, with 50% of them focusing on AI and IoT.
Industry 4.0 technologies, such as robotics and industrial automation, comprise 25% of the startups, while others focus various verticals such as sustainability, including bioplastics and wastewater recycling.
Saudi Arabia has seen a 75% increase in active researchers since 2015, with plans to grow the research community from 20,000 to 140,000 researchers by 2030.
MCIT encourages collaboration across public and private sectors, including academic institutions and investors, to advance the deep tech ecosystem.
ZOOM OUT – Although deep tech has recently risen in priority on the government’s agenda, the sector has long been underserved with a limited ecosystem of talent, resources and research programmes, coupled with a lack of funding. The new focus on deep tech is driven by a national ambition to become a technology leader, fund R&D to develop valuable intellectual property (IP) in Saudi Arabia and leverage new industries to help diversify the economy. The Kingdom is both scaling its research and innovation capacity, and taking steps to make the country attractive to local and global high tech startup ventures. The ecosystem remains small in global terms, but has become fast growing and increasingly vibrant as a result.
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Read more about Saudi Arabia’s deep tech ecosystem:
Hashgraph to launch Saudi DeepTech Venture Studio (Middle East AI News)
DeepMinds to build deep tech clusters (Middle East AI News)