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Thursday, Feb 22, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Crypto/Blockchain

Hashgraph Association teams with Saudi Arabian investment ministry to launch tech studio

This collaboration achieves a significant milestone in fostering Web3 and deep technology development within the Kingdom

Hashgraph Association teams with Saudi Arabian investment ministry to launch tech studio
The Riyadh skyline in Iran. Image from B.alotaby via Wikimedia Commons.

The Hashgraph Association and Saudi Arabia’s Ministry of Investment (MISA) launched a $250 million venture studio to support over 500 companies looking to develop advanced artificial intelligence, blockchain and virtual reality technologies.

On Thursday, the Hashgraph Association announced the partnership to launch a five-year agreement to build the DeepTech Venture Studio in Riyadh.

This collaboration achieves a significant milestone in fostering Web3 and deep technology development within the Kingdom. The venture aims to empower over 500 companies by equipping them with the necessary tools and resources to develop innovative technological solutions, leveraging advancements in artificial intelligence (AI), distributed ledger technology (DLT), robotics, the Internet of Things (IoT), virtual reality (VR), and quantum computing.

Hedera Hashgraph aims to stimulate growth in the technology sector through this initiative. This partnership highlights the Kingdom’s strategic shift from its traditional oil-based economy.  It also demonstrates its dedication to fostering a dynamic ecosystem for startups and entrepreneurs.

In addition to providing technical engineering, training and certification, and project delivery services, the DeepTech Venture Studio will offer support in product development, business strategy, commercialization, marketing, legal and regulatory compliance, and venture capital investments.

This support encompasses IPO listing assistance on the Saudi Exchange. The Hashgraph Group manages this initiative as part of an effort to enhance the global competitive edge of Saudi companies.

Read more: AI deciphers ancient scroll believed to be from Caesar’s family

Read more: Could AI ‘trading bots’ revolutionize investing?

Partnership demonstrates commitment to Saudi technological vision

Hedera Hashgraph is a technology platform that helps businesses and developers create secure and fast decentralized applications. It uses a unique method to quickly reach agreements among users. It’s great for various uses like transactions, gaming, and identity verification.

Phase A of the Venture Studio will focus on ramping up local operations and onboarding 100 projects within 12 months.

Phase B will accelerate operations over 24 months, onboard a new batch of 200 projects, and ensure steady-state operations. The final phase will scale up operations globally, onboard the final batch of 200 projects, and offer up to $250,000 in venture capital investment for startups and up to $500,000 for enterprises.

This partnership demonstrates a mutual commitment to investing in the digital future and aims to foster a thriving digital economy in Saudi Arabia. The initial phase of the studio will focus on scaling local operations and onboarding the first batch of 100 projects.  Subsequently, each phase is aimed at accelerating and scaling up operations both locally and globally.

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