Saudi Aramco’s venture capital arm, Wa’ed Ventures, has participated in a $30 million Series B funding round for Lucidya, a local artificial intelligence startup. This funding round marks the largest capital raise by an AI company in Saudi Arabia to date.
Wa’ed Ventures joined the round alongside lead investor Impact46, as well as Takamol Ventures, SparkLabs, and returning investors Rua Growth Fund and ARG. Specific investment amounts from each participant were not disclosed, according to Lucidya’s statement.
