Omani Phaze Ventures Launches Two Investment Funds Targeting Over $75 Million

• Omani company Phaze Ventures announced the launch of two venture capital funds aiming to raise over $75 million combined, after securing investment commitments exceeding $40 million so far. The funds focus on investing in startups specializing in artificial intelligence and advanced technology within Oman and global markets.
• The Phaze Ventures Fund II is backed by key investors, including the ITHCA group under the Oman Investment Authority, Ominvest, and the Development Foundation of the Oman Liquefied Natural Gas Company. Meanwhile, the Phaze Ventures Oman Fund is supported by the Oman Future Fund and focuses on local companies that rely on artificial intelligence.
• Phaze Ventures was founded in 2018 by Abdullah Al-Shuqsi, Mohammed Al-Wohaibi, and Masoud Al-Rawahi, and invests in early-stage artificial intelligence and advanced technology companies, with a focus on the Gulf Cooperation Council (GCC) markets and North America. Its team includes members in Muscat, Dubai, and Riyadh.
• The two funds have executed 10 investments so far, including companies like Arabic.AI, Sully.ai, Andromeda Surgical, Boardy.ai, and Metal. Phaze Ventures manages capital for over 50 investors, including sovereign entities, companies, and family offices in Gulf countries and other markets.

Press Release:

Phaze Ventures, based in Oman, announced the launch of two new venture capital funds targeting to raise over $75 million.

The Phaze Ventures Fund II continues to execute the company’s strategy of investing globally in artificial intelligence and advanced technology, supported by the ITHCA group under the Oman Investment Authority, Ominvest, and the Development Foundation of the Oman Liquefied Natural Gas Company. In contrast, the Phaze Ventures Oman Fund, backed by the Oman Future Fund, provides dedicated capital for investment in Omani companies that rely on artificial intelligence.

The investment platform, which includes the two funds, has successfully secured investment commitments exceeding $40 million, with ongoing discussions to increase the funds' size to $75 million. This announcement coincides with Oman’s efforts to establish an international financial center in Oman, aiming to be a new hub for international companies and investors.

Abdullah Al-Shuqsi, co-founder and CEO of Phaze Ventures, stated:

<< Artificial intelligence represents the most impactful technological transformation of our generation. Oman and the Gulf countries cannot afford to be mere spectators, nor should our participation be limited to trying to catch up by investing in giant cloud computing companies, data centers, and financial market listings.

We must invest in the founders who are reshaping sectors within our markets and around the world and be part of this transformation from its early stages. >>

The first ten investments of the two funds included companies like Arabic.AI, Sully.ai, Andromeda Surgical, Boardy.ai, and Metal, with participation from other investors, including a16z, 8VC, Standard Capital, Y Combinator, and Baidu Ventures.

Masoud Al-Rawahi, co-founder and partner at Phaze Ventures, remarked:

<< We support founders who combine specialized expertise in their sectors with strong engineering capabilities and leverage every real-world experience to apply their technologies in practice. >>

For her part, Nour Al-Hassan, founder and CEO of Arabic.AI, said:

<< After getting to know the Phaze Ventures team, I was convinced they were the right partners for us. They shared our ambition to develop artificial intelligence technologies that our region can own and our long-term commitment to achieving this goal. >>

Arabic.AI is developing Arabic-language artificial intelligence solutions for companies and institutions and has received investment from Saudi HUMAIN, along with a partnership with Qualcomm Technologies.

Ahmed Omar, co-founder and CEO of Sully.ai, stated:

<< Phaze Ventures recognized early on how Sully could leverage artificial intelligence to increase the capacity of the global healthcare system and deliver tangible returns. They supported us at every stage of our global expansion and helped us connect with healthcare providers capable of implementing our products in their operations. >>

NVIDIA highlighted Sully.ai in a case study showing a 90% reduction in inference costs in AI models and a 65% improvement in response times within medical workflows.

This early investment approach extended to Andromeda Surgical, in which Phaze Ventures invested before it secured a Series A funding round of $15 million led by Standard Capital.

Nick Damiano, co-founder and CEO of Andromeda Surgical, commented:

<< Phaze Ventures did not hesitate to take on an advanced technical challenge, which is to build the future of autonomous robotic surgery guided by artificial intelligence. They recognized the rare blend of medical expertise and expertise in autonomous systems that our team possesses, invested in us early, and proactively opened new opportunities for us through their regional network. >>

The new platform has also invested in companies operating within the capital markets ecosystem, including Metal and Boardy.ai.

Phaze Ventures participated in the seed funding round for Metal, alongside Y Combinator and a16z. The Metal platform, which relies on artificial intelligence for fundraising, helps hundreds of founders manage their capital-raising processes while using AI to connect founders with investors, clients, and talents.

Othman Gul, founder and CEO of Metal, stated:

<< In the current venture capital environment, the slow provision of capital becomes costly. I have raised funding from some of the world's leading venture capital firms, and Phaze Ventures has the same speed and foresight.

They moved quickly to invest in us during an early stage and became a committed partner as we rapidly expanded the AI-based operating system that Metal offers to founders seeking to raise funding rounds. >>

Othman Gul, who has founded two companies, previously raised $120 million from investors including First Round Capital and 20VC.

Phaze Ventures has team members in Muscat, Dubai, and Riyadh, managing capital for over 50 investors, including sovereign entities, publicly listed companies, commercial institutions, family offices, and business families in Oman, Saudi Arabia, Bahrain, India, and other markets.

Mohammed Al-Wohaibi, co-founder and partner at Phaze Ventures, stated:

<< Investors in Oman and the Gulf want to own stakes in the next generation of artificial intelligence companies while these companies are still in their formative stages. This platform represents our response to this trend. >>

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