cryptopolitan.com
The Hashgraph Association (THA), the Swiss-based organization fostering the Hedera DLT platform has signed a strategic partnership with the Saudi Ministry of Investment (MISA) to launch a “DeepTech Venture Studio” in Riyadh worth $250M over five years (2024-2028). DLT technology will soar with the allocation of this investment in Saudi as will other technologies including robotics, IoT, Virtual Reality, AI, and quantum Computing.
As part of the Swiss Economic Delegation traveling to Saudi Arabia under the patronage of Guy Parmelin Head of the Department of Economic Affairs, Education and Research (EAER), The Hashgraph Association will launch a custom-designed DeepTech Venture Studio to enable local Saudi companies as well as international portfolio companies seeking to establish operations in the Kingdom to develop innovative solutions, leveraging deep tech such as Artificial Intelligence, Blockchain/DLT, Robotics, IoT, Virtual Reality, and Quantum Computing.
Dr. Munirah Alaboudi, General Manager, Human Capital & Innovation at the Ministry of Investment of Saudi Arabia, stated, “The Ministry of Investment welcomes the launch of a DeepTech Venture Studio in Riyadh by The Hashgraph Association. With human capital and innovation at the heart of the Saudi Vision 2030, we look forward to the empowerment of entrepreneurship for a vibrant society in Saudi Arabia.”
The DeepTech Venture Studio, which aims to onboard and empower over 500 companies during the five-year program, will receive dedicated support from the Ministry of Investment of Saudi Arabia in terms of facilitating entrepreneur licenses and the entrance of companies into the Saudi Arabian market, including connecting with key government stakeholders, partners, and investors. With an investment commitment of $50M USD, THA will be working closely with MISA to onboard other co-investors to participate in this global deep-tech venture-building studio.
Kamal Youssefi, President of The Hashgraph Association, added, “We are delighted to sign this strategic partnership with the Ministry of Investment of Saudi Arabia. We are committed to investing in a digital future through our DeepTech Venture Studio in Riyadh that will positively contribute to the three pillars of Vision 2030 and foster a thriving digital economy in Saudi Arabia.”
The DeepTech Venture Studio, which will provide technical engineering, training and certification, project delivery, product development, business strategy, commercialization, marketing, legal and regulatory compliance, and venture capital investment – including IPO listing support on the Saudi Exchange (“Tadāwul”) – will be managed by The Hashgraph Group (THG).
THG is the venture capital and service delivery organization of The Hashgraph Association, which currently oversees the delivery of the Hashgraph Innovation Program, a professional training and innovation program launched out of Canton Schwyz worth $165M USD over five years (2022-2026). The program is focused on enabling startups, enterprises, and government institutions to develop enterprise-grade solutions and decentralized applications on the Hedera DLT network. The partnership will also include a cross-border “Entrepreneurship Exchange Program” to facilitate knowledge-sharing and the exchange of entrepreneurial, engineering, and management experience.
Urs Durrer, Head of the Office for Economy, Canton Schwyz, explained, “We welcome this strategic partnership between THA and MISA to launch a DeepTech Venture Studio in Riyadh, fostering knowledge-sharing and technology innovation through a Swiss-Saudi entrepreneurship exchange program out of Canton Schwyz.”
The initial phase (Phase-A) of the Venture Studio will focus on ramping up local operations within 12-months and onboarding the first batch of 100 projects. The second phase (Phase-B) will focus on accelerating the Venture Studio over 24-months and ensuring steady-state operations, while onboarding and investing in a new batch of 200 projects. The final phase (Phase-C) of the five-year program will focus on scaling up the Venture Studio operations into new strategic markets globally, and onboarding the next and final batch of 200 projects. Startups qualifying for the program will receive up to $250,000 USD in venture capital investment, with enterprises receiving up to $500,000 USD.
Stefan Deiss, Co-Founder & CEO of The Hashgraph Group, commented, “We are excited to launch this DeepTech Venture Studio in Riyadh that will empower the next generation of Web3 pioneers and entrepreneurs to redefine innovation through the convergence of deep-tech intersecting on the trusted decentralized distributed ledger network of Hedera.”
THG will begin recruitment and onboarding of local talented engineers, industry experts, and other professionals to establish a vibrant local ecosystem of leading Saudi-based technology partners and academic institutions. This will also include the onboarding of select strategic co-investors and the leveraging of existing partnerships with some of the world’s leading organisations such as IBM and BCG X. The first batch of projects are expected to be onboarded in Q2-2024.