According to the New York Times.Saudi ArabiaPlans underway to set up $40 billion (currently around Rs. 288 billion) AI startupsventure capital fund.
According to several sources.The Gulf state, which sits on vast oil wealth, is looking to support a range of AI tech startupsThe company covers everything from chip design to data centers. The country's representative even said that Saudi Arabia is considering starting its own AI company.
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Specifically, the Saudis have discussed potential partnerships with top Silicon Valley venture capital firm Andreessen Horowitz and others, although plans are still subject to change. The fund is expected to be officially launched later this year.
If the $40 billion scale comes true, then theThis venture capital fund will be far larger in size than typical U.S. rivals, second only to SoftBank's Vision Fund, the world's largest backer of startups.
As the AI market heats up, theEvery investor wants to place a successful bet on the second OpenAIThe valuations of related startups have soared even higher; and given the high cost of AI hardware, it's necessary for these companies to have access to more capital.
Startup Anthropic has raised more than $7 billion in just one year, which is virtually unheard of in the venture capital world.
Saudi Arabia's move into AI venture capital can be seen as part of its strategy to diversify its economy. Its $900 billion sovereign wealth fund is driving the country's transformation into a regional tech hub to boost its presence in the non-oil sector.