Phaze Ventures Raises $40M for AI Funds

Phaze Ventures, a venture capital firm based in Oman, has announced that it has obtained commitments of more than $40 million for two funds. The funds, which are targeting a combined total of over $75 million, will be used to invest in AI and deeptech companies globally, as well as support AI-enabled businesses in Oman. This development is significant for the GCC region, particularly Oman, as it seeks to expand its role in the AI and deeptech sectors.

The two funds, Phaze Ventures Fund II and the Phaze Ventures Oman Fund, have distinct investment strategies. Phaze Ventures Fund II will focus on the firm's global investment strategy, with anchor investors including ITHCA Group, Ominvest, and Oman LNG Development Foundation. In contrast, the Phaze Ventures Oman Fund will focus on companies in Oman, with Future Fund Oman as its anchor investor.

Investment Strategy and Portfolio

Phaze Ventures has already deployed more than $10 million across 10 companies, including Arabic.AI, Sully.ai, Andromeda Surgical, Boardy.ai, and Metal. These companies operate in various sectors, such as enterprise AI, healthcare, and robotic surgery. Phaze Ventures has also invested alongside international firms, including Andreessen Horowitz, 8VC, Standard Capital, Y Combinator, and Baidu Ventures.

The firm's investment strategy is designed to provide investors with exposure to emerging technologies, while also supporting local startups in Oman. By investing in AI and deeptech companies, Phaze Ventures aims to contribute to the growth of the sector in the region. The firm is continuing to raise capital towards its combined target, with the goal of supporting more companies in the AI and deeptech spaces.

Why it Matters for the GCC Region

The development of Phaze Ventures' funds is significant for the GCC region, particularly Oman, as it seeks to expand its role in the AI and deeptech sectors. The investment in AI and deeptech companies is expected to contribute to the growth of the sector, creating new opportunities for startups and businesses in the region. With its focus on supporting local startups, Phaze Ventures is playing a crucial role in promoting innovation and entrepreneurship in Oman.