Phaze Ventures, based in the Sultanate of Oman, has announced the launch of two new venture capital funds aiming to raise more than $75 million to support startups specializing in artificial intelligence and advanced technology. The company has successfully secured investment commitments exceeding $40 million so far.
Fund Structure and Supporters
The company's investment strategy relies on two funds with specific mandates:
- Phaze Ventures Fund II: Focuses on global investment in AI technologies, supported by the ITHCA Group, part of the Oman Investment Authority, Ominvest, and the development foundation of the Oman LNG company.
- Phaze Ventures Oman Fund: Dedicated to supporting local Omani companies that rely on AI, with support from the Oman Future Fund.
Why does this news matter?
This announcement represents a strategic shift in the Gulf region towards moving from merely consuming technology to early-stage investment in its development. According to Abdullah Al Shaqsi, Co-founder and CEO, the goal is to empower founders who are reshaping vital sectors globally, rather than merely investing in traditional infrastructure such as data centers.
Investment Track Record and Technical Direction
The company has executed 10 investments in various startups so far, including Arabic.AI, which specializes in Arabic language solutions; Sully.ai in the healthcare sector; and Andromeda Surgical in robotic surgery, in addition to platforms such as Metal and Boardy.ai. These investments are characterized by the participation of prestigious global funds such as a16z and Y Combinator, reflecting the fund's ability to attract international partners for regional projects.
This step comes at a time when the Sultanate of Oman is seeking to strengthen its position as a regional financial and technical hub, as the platform aims to connect local engineering expertise with global markets, with a focus on supporting companies in their early foundational stages.