MUSCAT — Oman-based venture capital firm Phaze Ventures has launched two funds targeting more than $75 million combined to invest in artificial intelligence and deep technology companies, the firm said.
The funds have secured more than $40 million in investor commitments and deployed more than $10 million across 10 companies.
Phaze Ventures Fund II will continue the firm’s global AI and deep technology investment strategy, with backing from anchor investors ITHCA Group, a subsidiary of the Oman Investment Authority, Ominvest and Oman LNG Development Foundation.
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The second vehicle, Phaze Ventures Oman Fund, is anchored by Future Fund Oman and will invest in domestic businesses using AI.
“AI is the most disruptive technology shift of our generation. We need to invest in the founders disrupting industries at home and across the globe, and we need to be a part of that disruption early,” co-founder and CEO Abdullah Al Shaksy said in remarks posted on the firm’s official social media page.
The funds’ first 10 investments include Arabic.AI , Sully.ai, Andromeda Surgical, Boardy.ai and Metal. Other investors in those companies include a16z, 8VC, Standard Capital, Y Combinator and Baidu Ventures, the firm said.
“We back founders who combine domain expertise with strong engineering and learn from every real-world deployment,” co-founder and partner Masoud Al Rawahi said in the social media posts.
Fellow co-founder and partner Mohammed Al Wahaibi said the funds aimed to meet demand from regional investors seeking early exposure to AI businesses.
“Investors across Oman and the Gulf want a stake in the next generation of AI companies while they are still taking shape. This platform is our answer,” he said.
Founded in 2018, Phaze Ventures is headquartered in Muscat, with team members in Dubai and Riyadh. It focuses on early-stage AI and deep technology companies in Gulf Cooperation Council countries and North America.
Across its three fund vehicles, the firm manages capital for more than 50 investors, including sovereign entities, publicly listed companies, corporations and family offices.
