TLDR:
The Hashgraph Association has announced a strategic partnership with the Ministry of Investment of Saudi Arabia to launch a “DeepTech Venture Studio” in Riyadh. The studio will focus on developing innovative solutions using technologies such as AI, DLT, Robotics, IoT, VR, and Quantum Computing. It aims to onboard and empower over 500 companies during its five-year program.
The partnership will receive support from the Ministry of Investment of Saudi Arabia in terms of facilitation of entrepreneurial licenses, connecting with key government stakeholders and strategic partners, and providing access to investors. The Hashgraph Association plans to invest $50 million in the venture studio and will cooperate with other co-investors as well.
The DeepTech Venture Studio will be managed by The Hashgraph Group, which already oversees the delivery of the Hashgraph Innovation Program. Startups qualifying for the program will receive up to $250,000 USD in venture capital investment, while enterprises can receive up to $500,000 USD. The studio will be recruiting and onboarding local engineers, industry experts, and professionals to form a strong ecosystem.
Key Points:
- The Hashgraph Association has formed a strategic partnership with the Ministry of Investment of Saudi Arabia to launch a “DeepTech Venture Studio” in Riyadh worth $250 million over five years.
- The venture studio will focus on developing innovative solutions using technologies such as AI, DLT, Robotics, IoT, VR, and Quantum Computing.
- The studio aims to onboard and empower over 500 companies during its five-year program, with startups receiving up to $250,000 USD in venture capital investment and enterprises receiving up to $500,000 USD.
- The partnership will receive support from the Ministry of Investment of Saudi Arabia in terms of facilitation of entrepreneurial licenses, connecting with key government stakeholders and strategic partners, and providing access to investors.
- The DeepTech Venture Studio will be managed by The Hashgraph Group, and it will recruit and onboard local engineers, industry experts, and professionals to form a strong ecosystem.
