Saudi Arabia’s KAUST Startups surpass $1 billion investments raised

KAUST’s startup portfolio has had what many would call a landmark year, with its companies now having pulled in more than US$1 billion in total investment, generated 925 million dollars in revenue, and collectively created 6,661 jobs. The whole portfolio is valued at over 2 billion dollars, which is no small feat for a university-linked innovation hub sitting at the heart of Saudi Arabia’s tech ambitions. I remember chatting with a founder at an Arageek community meetup who said KAUST felt like “a launchpad disguised as a university,” and honestly, I reckon he wasn’t far off.

In 2024 alone, these startups raised around 150 million dollars, a sign that investor confidence in the Kingdom’s innovation scene is growing fast. KAUST’s Innovation Ventures strategy leans heavily on co-investing with both local and global firms, making it easier for homegrown tech to find its way into international markets. And believe it or not, that cross-border interest cuts both ways, helping Saudi founders scale abroad while inviting more foreign capital into the Kingdom’s deeptech sector. Spot on for a country pushing hard toward Vision 2030.

Some of the clearest examples of this global reach include Rimrubber, an on-demand tyre sales and fitting service now operating across Saudi Arabia, Bahrain, Qatar, and the UAE. Meanwhile, iStoria is helping non-native English learners—across Europe, Latin America, and the Middle East—pick up the language in a more intuitive way. On the flip side, the variety of sectors here shows KAUST isn’t betting on just one horse.

These milestones were highlighted during SPECTRUM 2025, KAUST’s flagship startup and investor gathering held in Riyadh and organised with partners like Wa’ed Ventures, 500 Global, Antler, Impact46 and The Garage. The event brought together 29 startups and 40 leading venture firms under the theme “Discover. Connect. Invest,” which might sound a bit corporate, but the atmosphere at these events is usually buzzing—sometimes almost too much of a faff to navigate.

This year also saw four new international venture partners join the ecosystem: Techstars, NewLab, First Star Ventures, and Fountech Labs. They’re expected to add fresh capital and expertise while working with KAUST on new programmes tied to mobility, energy and sustainability—areas where Saudi Arabia is pushing hard for global recognition.

Crossing the 891 million dollar investment mark “is proof that Saudi deep tech is globally competitive,” said Ian Campbell, Senior Vice President at the KAUST National Transformation Institute. He added that KAUST Innovation Ventures is turning high-level research into companies that support Vision 2030 by building new industries and drawing investment from around the world.

And then there are the standout startup stories from 2024. Edama secured 5.6 million dollars from the Saudi Investment Recycling Company to grow its circular-economy facilities. Born from KAUST student research, the company transforms organic waste into soil enhancers that improve fertility in arid lands and help double crop yields—definately a big win for sustainability in desert climates.

Rize, another rising star, closed 35 million dollars to grow its “rent-now-pay-later” real estate platform. In places like Saudi Arabia where tenants often pay a full year’s rent upfront, Rize’s model allows owners to keep receiving lump sums while tenants pay in manageable slices. A simple idea, but one that tackles a real pain point.

Flynow pulled in 44 million dollars to establish eCopter manufacturing in Saudi Arabia and the UAE. The startup is working on electric air taxis—yes, actual air taxis—and shared its vision for future eVTOL fleets at LEAP 2025. If they pull it off, commuting might look very different in a decade.

Then there’s Intelmatix, which raised 20 million dollars to simplify AI adoption for companies across various industries. Its tools help reduce stock waste, improve response times, and generate sharper business forecasts. One of its co-founders and a KAUST graduate, Ahmad Alabdulkareem, was named an Innovator Under 35 in MENA by MIT Technology Review back in 2022.

As Haitham Alhumsi, director of the KAUST Innovation Ecosystem, put it, “When science meets entrepreneurship, real economic transformation follows.” And from where I’m standing—watching founders across the region hustle, experiment and sometimes stumble—the momentum around KAUST-backed startups feels like it’s only just getting started.

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