Phaze Ventures, an Oman-headquartered venture capital firm, has introduced two new venture funds with a combined target of more than $75 million. The funds will focus on investing in artificial intelligence and deep technology companies. This development is significant for the GCC region, as it highlights the growing interest in AI and deep technology investments.
The two funds, Phaze Ventures Fund II and Phaze Ventures Oman Fund, have distinct investment mandates. Phaze Ventures Fund II is anchored by prominent investors, including ITHCA Group, a subsidiary of Oman Investment Authority, Ominvest, and Oman LNG Development Foundation. This fund will continue to invest in global AI and deep technology companies, building on the firm's existing investment strategy.
On the other hand, Phaze Ventures Oman Fund is anchored by Future Fund Oman and establishes a dedicated capital pool for homegrown AI-enabled businesses. This fund will focus on supporting local startups and entrepreneurs in the AI and deep technology space, providing them with the necessary capital to grow and expand their businesses.
Investor Commitments and Deployments
According to Phaze Ventures, the firm has secured more than $40 million in investor commitments across the two funds. This demonstrates the strong interest from investors in the region to support AI and deep technology startups. The funds have already deployed more than $10 million across 10 companies, including Arabic.AI, Sully.ai, Andromeda Surgical, Boardy.ai, and Metal.
The firm's investment approach is focused on backing founders who combine domain expertise with strong engineering capabilities. As Masoud Al Rawahi, co-founder and Partner at Phaze Ventures, stated, the firm looks for founders who can learn from every real-world deployment and have a strong understanding of the industry they are operating in.
Phaze Ventures' Investment Strategy
Phaze Ventures was founded in 2018 and is headquartered in Muscat, with team members in Dubai and Riyadh. The firm's investment strategy is focused on early-stage AI and deep technology companies in the Gulf Cooperation Council countries and North America. With its three fund vehicles, Phaze Ventures manages a diverse portfolio of investments on behalf of over 50 investors, including sovereign entities, listed companies, corporations, and family offices.
The launch of the two new funds is a significant development for the GCC region, as it provides a platform for investors to support the growth of AI and deep technology startups. As Abdullah Al Shaksy, co-founder and CEO of Phaze Ventures, noted, the region cannot afford to be a spectator in the AI revolution and needs to invest in the founders who are disrupting industries at home and across the globe.
- Combined target of over $75 million
- Focus on AI and deep technology companies
- Phaze Ventures Fund II anchored by ITHCA Group, Ominvest, and Oman LNG Development Foundation
- Phaze Ventures Oman Fund anchored by Future Fund Oman
The introduction of these two funds is expected to have a positive impact on the GCC region's startup ecosystem, providing much-needed capital to support the growth of AI and deep technology companies. With its strong investment strategy and experienced team, Phaze Ventures is well-positioned to support the development of the region's startup ecosystem.
