On February 7, the Hashgraph Association, a nonprofit organization located in Switzerland, announced a partnership with Saudi Arabia’s Ministry of Investment to build a deep-tech venture studio. The venture studio’s goal is to help Saudi and foreign enterprises build creative solutions leveraging deep technology like artificial intelligence (AI), blockchain, and quantum computing.

Deep Tech Venture Studio will empower 500 companies.

The Hashgraph Association, a Swiss nonprofit organization that supports the use of the Hedera blockchain, has teamed with Saudi Arabia’s Ministry of Investment to establish a deep-tech venture studio. The venture studio’s goal is to help Saudi and foreign enterprises build creative solutions leveraging deep technologies such as artificial intelligence (AI), blockchain, and quantum computing.

According to a release, Deep Tech Venture Studio, which is valued at $250 million, plans to onboard and empower 500 startups between 2024 and 2028. As part of the partnership deal, the Saudi ministry will help selected enterprises secure permits and gain access to the Saudi market.

Munirah Alaboudi, General Manager, Human Capital & Innovation at the Saudi Ministry of Investment, commented on the venture studio’s launch, saying:

The Ministry of Investment is pleased to announce that the Hashgraph Association has established a deep-tech venture studio in Riyadh. With human capital and innovation at the heart of Saudi Vision 2030, we look forward to empowering entrepreneurship for a thriving Saudi society.

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According to the release, the deep tech venture studio plans to provide technical engineering, training, and certification. Additionally, the studio will offer services such as marketing, legal, and regulatory compliance.

The deep-tech venture studio plans to incorporate 200 concepts in its second phase within 24 months, followed by another 200 in the final phase. According to the announcement, qualifying startups might get up to $250,000 and companies up to $500,000.

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