RIYADH: With the acquisition of $6 million in seed finance by local company Halo AI, Saudi Arabia’s emphasis on AI is beginning to take shape. According to a press release, former C-level executives from Snapchat, as well as executives from Microsoft, Airbnb, Amazon, and investors behind gaming unicorns, expressed interest in the investment round, which was led by Saudi-based Raed Ventures and UAE-based Shorooq Partners.
This investment supports the Kingdom’s AI ambitions as it works towards its bold goals of becoming Saudi Arabia a world leader in the sector. A key component of these initiatives is the 2020 National Strategy for Data and Artificial Intelligence, which aims to develop a workforce of 20,000 AI and data specialists and draw $20 billion in investments by 2030.
After a successful launch in the Kingdom, Halo AI, a company that specialises in using technology to improve collaborations between creators and brands, is preparing to expand into new markets, such as Dubai and Kuwait, as well as into the Middle East, North Africa, Europe, and North America.
Vito Strokov, co-founder and CEO of Halo AI, stated, “After decades of developing ad products at Meta and Snapchat, we realised that traditional approaches couldn’t solve the fundamental inefficiencies in creator marketing.”
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