Today the Hashgraph Association (THA) announced a deal with the Ministry of Investment of Saudi Arabia (MISA) to launch a “DeepTech Venture Studio” in Riyadh. THA will commit $50 million and partner with MISA to find co-investors to bring the Studio’s budget to $250 million over five years.
The Swiss-based Hashgraph Association was founded through a grant from Hedera Hashgraph, which operates the layer 1 public DLT. THA aims to foster business growth and collaboration for the Hedera ecosystem.
In addition to web3 and DLT, the DeepTech Venture Studio will target AI, virtual reality, robotics and quantum computing.
During the five years, the Studio aims to support more than 500 companies, starting with 100 in the first year. The Ministry of Investment of Saudi Arabia will help to facilitate licenses and compliance and enable connections to government stakeholders and other strategic partners. The Hashgraph Association visited Saudi as part of a Swiss Economic Mission to the country.
Initially the Studio will target local Saudi companies but will expand to include international firms seeking to set up in the Kingdom. Qualifying participants will receive venture capital investment of up to $250,000 for startups and $500,000 for enterprises. Additionally, the Studio will provide training and assistance, including engineering, product development and compliance.
Stefan Deiss, Co-Founder & CEO of The Hashgraph Group, a THA subsidiary, said the Studio” will empower the next generation of Web3 entrepreneurs through technological, business, and capital-enablement programs, while leveraging the power and convergence of deep technologies.”
The Kingdom is doubling down on its interest in web3 and fintech. In December, Japan’s SBI announced a collaboration with state-controlled Saudi Aramco and plans to set up the headquarters of SBI Middle East in Riyadh. SBI is one of the world’s most prolific investors and participants in DLT and web3. It also has numerous fintech activities across various technologies.
