04/09/2024
Congratulations to our team at SparkLabs Saudi Arabia! This is the official press release on their new SparkLabs AIM AI Fund. This is an early-stage fund focused on AI startups across the globe, and part of this will be to invest in participants in the AIM-X accelerator in Riyadh.
"The combination of SparkLabs' global network, our track record in artificial intelligence, and Saudi Arabia's growing influence in AI has created an incredible response from AI entrepreneurs throughout the world. I believe KSA will become a global AI hotspot within the next few years through AIM and so many other incredible Kingdom initiatives," said Ivan Grlic, Co-founder and Managing Partner at SparkLabs Saudi Arabia and Co-founder of SparkLabs AIM AI Fund.
The 14 AI startups on their first batch are all excellent companies led by world-class founders. Our ever-expanding global network continues to find and attract top founders from Mumbai to Milan to Berlin to Hong Kong to Silicon Valley. The first accelerator batch in Riyadh continues to build upon the types of startups SparkLabs Group attracts, which is a range from strong bootstrapped to series B startups:
- A few 1st batch companies will hit $3M, $5M and $10M in revenue for 2024.
- 9 companies have raised $1.5M or more before entering our program, and 5 who have raised more than $3M prior to joining.
- Great traction from hitting $1M in profit for 2024 (40% net profit) to signing 350+ enterprise clients and on track to hit $7M in revenues for 2024 to becoming cashflow positive and growing 4X in the last 12 Months ($4M+ in revenues for 2024).
/PRNewswire-PRWeb/ -- SparkLabs AIM AI Fund launches with $50 million that will invest in the AIM-X accelerator participants along with leading AI startups...
