Wa'ed Ventures backs AI native cloud provider Ori
London-based GPU-as-a-service provider Ori to establish hub in Riyadh
#SaudiArabia #ArtificialIntelligence – Aramco’s $500 million venture capital fund, Wa’ed Ventures, has invested in London-based AI-native cloud provider Ori as part of Saudi Arabia’s push to become a global AI hub. The deal will see the AI startup establish a regional subsidiary in Riyadh to develop AI talent and infrastructure. Ori, which is backed by Spanish telecom giant Telefónica, recently secured £140 million ($176 million) in funding and is among the first UK firms to deploy Nvidia’s H200 chips. Wa’ed Ventures recently confirmed that it has committed $100 million to AI investments. Recent investments include Korean AI chip company Rebellions, US-based startup aiXplain, and Saudi AI startup vminds.ai.
SO WHAT? – Ori planned regional headquarters in Riyadh follows hot on the heels of office announcements from other global firms in the AI infrastructure sector such as global chip manufacturer AMD, Edge computing company Armada, US AI inference pioneer Groq, and SambaNova Systems, Over the past two years, Riyadh has seen a long list of global tech firms locate regional offices in the city, including Amazon, Google, HPE, IBM, Lenovo and Microsoft.
Here are some key points about the announcement:
Aramco’s $500 million VC fund Wa’ed Ventures has invested in London-based AI-native cloud provider Ori.
Ori will establish a regional subsidiary in Riyadh, contributing to AI talent development and infrastructure in the Kingdom.
Financial details of the deal were not disclosed, but Ori has recently raised £140 million ($176 million) in funding from Telefónica, NextEra Energy, and other investors.
Ori provides AI-tailored cloud infrastructure and is among the first UK companies to deploy Nvidia’s H200 chips for advanced AI workloads.
Wa’ed Ventures recently confirmed that it has set aside $100 million for AI investments and has already backed startups like Rebellions, aiXplain, and vminds.ai.
Saudi Arabia is rapidly expanding its AI ecosystem, with investments in data centres, cloud technology, and AI platforms.
ZOOM OUT – Saudi Arabia’s aims to become a leading player in the global AI sector and has committed to investing in the cutting-edge AI and data infrastructure to make this happen. During Saudi Arabia’s annual technology trade show LEAP last week, billions of dollars of investment in data centre infrastructure was announced, including $1,5 billion backing for expanding Groq’s new AI hub in Dammam. The Saudi government and national commercial groups have already partnered with a wide range of global hyperscalers, regional data centre operators and local AI infrastructure startups.