Startup funding + venture investments at Leap top USD 293 mn

Leap’s third day kept the capital flowing with startups stealing the spotlight, as funding rounds and venture investments announced at the show topped USD 293 mn. The announcements also show the market broadening beyond capital, with local firms scaling and global technology players putting down roots through AI, software, and local manufacturing.

Agentic AI platform Cofe Tech closed a pre-IPO funding round valuing the firm at USD 178 mn, aiming to list on Tadawul by 2029, according to a press release. The round was co-led by Waed Ventures, Aditum Investment Management, Masarrah Investment, and Alyasra Foods.

Travel technology platform FlyAkeed secured SAR 94.3 mn in growth funding. The funding includes an equity round led by Sanabil Investments, Artal Capital, stc’s corporate VC fund, and Aljazira Capital, as well as a separate Murabaha sukuk financing led by Artal Capital. The fresh capital will be mainly used to support FlyAkeed’s new deferred-payment offering, develop its AI and analytics capabilities, and expand across Saudi Arabia and the GCC.

Global tech players double down

Dutch tech firm JetBrains and eSense joined forces to modernize software development in Saudi Arabia. They will help government entities and organizations upgrade engineering practices and adopt AI across the software lifecycle, with eSense providing local support on tool selection, licensing, and implementation. The companies will also work with customers to improve workflows, code quality, DevOps, and continuous delivery.

Globant plans to expand across Saudi Arabia’s tourism and entertainment sectors, following the establishment of its regional headquarters in Riyadh, Middle East and North Africa CEO Federico Pienovi told Asharq Business (watch, runtime 4:56). The company poured USD 200 mn into the Kingdom, so far spread across an AI and digital-services innovation center and the theme parks Six Flags and Aquarabia at Qiddiya.

AI capabilities remain a main pillar in this event

Luma AI will roll out a fully Arabic-language interface for its Luma Agents AI platform later this year, covering navigation, menus, and workflow tools, according to a press release. The platform already supports Arabic-language prompts and generates Arabic-language creative outputs. The upgrade follows its strategic partnership with Humain to develop AI in the Kingdom.

Elon Musk’s xAI announced its plans to build its first data center outside the US in Saudi Arabia, initially targeting 50 MW of capacity before scaling up to 500 MW.

Industrial applications and infrastructure are also in the playbook

Stc inked an agreement with Ericsson to expand its 5G network across Saudi Arabia. The partnership involves the world’s first commercial deployment of Ericsson’s Radio 4496, a 400-watt quad-band radio that combines four low-frequency bands into a single unit. The deployment will broaden 5G coverage, improve connectivity, and reduce power consumption, supporting sectors such as logistics, energy, mining, tourism, and public services.

Alfanar will invest USD 150 mn to localize data center component manufacturing, aiming to strengthen digital capabilities and infrastructure within the Kingdom.