Intelmatix Secures $20M Series A Funding to Enhance AI Decision-Making for MENA Businesses

Intelmatix, a leading deep tech B2B startup, has successfully raised $20 million in Series A funding. This significant investment aims to empower businesses in the Middle East and North Africa (MENA) region to harness artificial intelligence for improved decision-making.

Founded in 2021, Intelmatix operates from offices in Riyadh, Saudi Arabia; London, U.K.; and Boston, U.S. The company launched its enterprise AI platform, EDIX, in March 2024 and has already onboarded 10 enterprise customers. With this new influx of capital, Intelmatix plans to expand its reach to include medium and smaller businesses.

The global enterprise AI market is expected to grow to $68.9 billion by 2028, with a compound annual growth rate (CAGR) of 43.9%, according to BCC Research. This growth is driven by increased investment in AI technologies and the adoption of AI solutions to enhance efficiency and maintain competitiveness.

Despite the surge in AI adoption, businesses face challenges such as access to AI expertise, data complexity, integration issues, high costs, and ethical concerns. These challenges are particularly pronounced in the MENA region, where many enterprise AI solutions are not tailored to local needs.

Dr. Anas Alfaris, co-founder and CEO of Intelmatix, emphasizes that most AI platforms are developed using U.S. datasets, making them less effective for MENA businesses. Additionally, these platforms are typically designed for large enterprises with extensive infrastructure and AI teams, a luxury many MENA businesses cannot afford.

Intelmatix aims to bridge this gap with its AI-powered enterprise decision intelligence platform, EDIX. Designed to be quickly deployed across various businesses, EDIX does not require an in-house AI team, making it accessible and practical for companies in the region.