The venture arm of Saudi conglomerate Aramco, Wa’ed Ventures, has made an undisclosed investment in Ori, a UK-based AI cloud company that is already supported by Spanish operator Telefonica. Bloomberg reports that the investment, part of Wa’ed Ventures’ $500 million capital fund, will help establish a regional subsidiary in Riyadh.
This move signals the growing investment from Saudi companies in AI, as the country seeks to advance the technology and further its digital ambitions. Aramco has been increasing its presence in the tech sector, particularly in AI and emerging technologies. In January 2023, the company launched a digital arm aimed at exploring AI, private network solutions, and other emerging tech opportunities for enterprise.
Wa’ed Ventures has previously invested in AI-related startups, including South Korean chipmaker Rebellions and platform provider aiXplain, with a $100 million fund set aside for such investments. Ori, founded in 2019, specializes in providing AI infrastructure to large organizations and was one of the first to deploy Nvidia’s H200 chips. The company recently closed a £140 million funding round, with Telefonica and US-based NextEra Energy also among its backers.
