Intelmatix Secures $20 Million Series A Funding to Transform AI Decision-Making in the MENA Region
Intelmatix, an innovative deep tech B2B startup focused on empowering businesses in the Middle East and North Africa (MENA) region, has successfully closed a $20 million Series A funding round. This milestone marks one of the largest funding rounds for a startup of its kind in the region.
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 secured 10 enterprise clients. With this influx of capital, Intelmatix plans to broaden its focus to include medium and smaller businesses seeking to harness the capabilities of AI for enhanced decision-making.
According to BCC Research, the global enterprise AI market is set to expand significantly, projected to reach $68.9 billion by 2028, with a compound annual growth rate (CAGR) of 43.9%. This growth is largely fueled by increasing investments in AI technologies and the rising adoption of AI solutions by companies aiming for greater efficiency and competitiveness.
Despite the rapid rise in AI adoption for decision-making, challenges persist. IBM highlights issues such as limited access to AI skills, data complexity, integration hurdles, high costs, and ethical dilemmas. In the MENA region, the uptake of AI-driven decision-making has been sluggish, mainly because existing solutions are not tailored to local needs, making them impractical for businesses, according to Dr. Anas Alfaris, co-founder and CEO of Intelmatix. The startup aims to bridge this gap using local data, knowledge, and expertise.
“Many rival AI platforms rely on datasets sourced from the U.S. and overlook the context of the MENA region. Additionally, they are built for large enterprises with substantial investments in infrastructure and data science teams, which highlights a talent gap in our region,” Alfaris explained, citing U.S.-based competitors like o9 and Palantir.
Intelmatix addresses these challenges with its flagship product, EDIX, an AI-powered decision intelligence platform that is quick to deploy and user-friendly, requiring no specialized AI team. The startup targets the retail, logistics, and workforce sectors, enabling businesses to make informed decisions on operational and strategic issues, including demand forecasting, staffing, and marketing strategies.
For example, a retail chain using the EDIX software may receive recommendations on optimal branch locations and projected revenues with 80% accuracy, according to Alfaris.
“Today, many enterprises lack access to AI capabilities, and we aim to provide them with 80% of that potential. While we may not deliver a complete solution yet, we're shifting the paradigm from zero to 80—making AI more accessible and simplifying its use,” he stated. “This accessibility and reduction of complexity are at the heart of what EDIX represents.”
Intelmatix's marketing narrative envisions a future where MENA businesses no longer face uncertainty in decision-making. EDIX delivers prompt recommendations based on client and contextual data, enhancing both operational and strategic outcomes.
“Decision-making is interconnected. For instance, a marketing strategy that boosts demand must also consider inventory implications. Effective decision-making spans various business functions, yet many existing tools operate in silos, necessitating a comprehensive solution,” Alfaris asserted.
In a year-long pilot program within the food and beverage sector, Intelmatix reported a 15% improvement in demand forecasting accuracy, a 75% reduction in waste costs, and a 25% decrease in overtime while achieving over 80% accuracy in predicting revenue for new branches.
Alfaris, who has deep expertise in decision-making systems from his time at the Center for Complex Engineering Systems at the King Abdulaziz City for Science and Technology (KACST) in Saudi Arabia, is determined to reshape the landscape of AI in the region. He previously held a PhD from MIT, contributing to advanced research including initiatives on smart cities in collaboration with KACST.
Looking ahead, Intelmatix aims to scale its operations by targeting larger and medium-sized businesses as well as public sector entities in the MENA region. The newly acquired funding will facilitate the expansion of its platform's capabilities, according to Alfaris.
“We are excited to enhance our suite of offerings, introducing additional features and decision-making functionalities that our clients can benefit from,” he added. “The vision of democratizing access to AI has always driven our mission.”
This Series A funding round was led by Shorooq Partners, with contributions from various private and public organizations, including Olayan Financing Company, Rua Growth Fund, Saudi Technology Ventures, Saudi Venture Capital Company, Sultan Holdings, and Zain Ventures.
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