Aramco's Wa'ed Ventures Invests in AI Cloud Startup Ori

Saudi Aramco's venture capital arm, Wa'ed Ventures, has invested in the UK-based AI cloud startup Ori. This investment is part of Saudi Arabia's broader strategy to position itself as a regional hub for artificial intelligence. Wa'ed Ventures manages a $500 million fund focused on AI investments.

Ori, founded in 2019, provides AI infrastructure to large organizations and is among the first companies to deploy Nvidia's H200 chips. The investment will support Ori in establishing a regional subsidiary in Riyadh, aimed at developing local talent and advancing AI technologies in the region.

This move aligns with Aramco's ongoing efforts to expand its presence in the technology sector, having previously invested in companies like South Korean chipmaker Rebellions and AI platform aiXplain. Wa'ed Ventures has earmarked $100 million specifically for investing in AI startups.