Category: News, NFT News

Hedera Teams Up With Saudi Investment Ministry On $250M Venture Studio

The new venture studio, DeepTech, will invest in tech firms operating within Saudi Arabia.

Hedera, the team behind the Hedera hashgraph distributed ledger network, announced a five-year partnership with the Saudi Ministry of Investment Association to support local tech startups.

Announced on Feb. 6, the deal will see Hedera launch DeepTech, a $250M venture studio, to support Saudi Arabia-based firms operating with blockchain, AI, and other emerging technology sectors.

According to Zepzi, a Hedera HBAR Foundation member, Hedera committed $50M and the Ministry of Investment Association tipped $200M to support local tech startups. Only firms operating within Saudi Arabia that leverage Hedera’s hashgraph can qualify for investment from DeepTech.

“The DeepTech Venture Studio will be specially designed to empower local Saudi companies, as well as international companies interested in operating in the Kingdom,” the announcement said. “The studio will develop innovative solutions and benefit from deep technology such as artificial intelligence, blockchain, robotics, Internet of Things, virtual reality, and quantum computing.”