Ministry of Investment Invests in Future Tech: THA’s DeepTech Studio in Riyadh

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The Ministry of Investment of Saudi Arabia (MISA) has signed a strategic partnership with The Hashgraph Association (THA) to launch a “DeepTech Venture Studio” in Riyadh. This partnership was announced during the Swiss Economic Mission to Saudi Arabia, with the presence of Guy Parmelin, the Swiss Federal Councillor. The DeepTech Venture Studio, worth $250 million USD over five years (2024-2028), aims to support local Saudi companies and international portfolio companies in developing innovative solutions using deep technologies such as AI, DLT, Robotics, IoT, VR, and Quantum Computing.

The Ministry of Investment of Saudi Arabia expressed its support for the launch of the DeepTech Venture Studio, emphasizing the importance of human capital and innovation in line with the Saudi Vision 2030. The studio plans to onboard and empower over 500 companies during the five-year program. It will receive dedicated support from the Ministry of Investment, including facilitation of entrepreneurial licenses, adherence to Saudi laws and regulations, and connections with government stakeholders, strategic partners, and investors.

The Hashgraph Association has committed an investment of $50 million to the DeepTech Venture Studio and will collaborate closely with MISA to attract other co-investors. The goal is to foster a thriving digital economy in Saudi Arabia and contribute to the three pillars of Vision 2030.

The DeepTech Venture Studio will provide comprehensive support to the participating companies, including technical engineering, training and certification, project delivery, product development, business strategy, commercialization, marketing, legal and regulatory compliance, and venture capital investments. It will be managed by The Hashgraph Group (THG), the service delivery organization of The Hashgraph Association.

The initial phase of the Venture Studio will focus on ramping up local operations and onboarding the first batch of 100 projects within 12 months. The second phase will accelerate the studio over 24 months, onboard a new batch of 200 projects, and ensure steady-state operations. In the final phase, the focus will be on scaling up the studio’s operations globally, onboarding the last batch of 200 projects, and expanding into new strategic markets.

Qualified startups in the program will receive up to $250,000 in venture capital investment, while enterprises can receive up to $500,000 USD. The DeepTech Venture Studio aims to empower the next generation of Web3 entrepreneurs through technological, business, and capital-enablement programs, leveraging the convergence of deep technologies.

THG will assemble a team of over 40 professionals and practitioners, recruit local engineers and industry experts, and establish partnerships with leading Saudi-based technology partners, academic institutions, and international organizations. Interested applicants, partners, and investors can register their interest on the registration webpage of the DeepTech Venture Studio at hashgraph-saudi.com.

In addition to the partnership in Saudi Arabia, The Hashgraph Association has also partnered with Tunisian Dar Blockchain to support projects and contribute to the technology landscape in the MENA region.

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