Generative AI accelerator (GAIA) said it has allocated $160 million for 120 startups in Saudi Arabia. It helps empower the environmental AI systems through programmes that target entrepreneurship and tech startups and attracts Al-driven businesses into the kingdom.
Supported by Saudi Data and Artificial Intelligence Authority (SDAIA) and the National Technology Development Program (NTDP), in cooperation with New Native, the Generative AI accelerator (GAIA) has allocated $160 million for 120 startups in across the Kingdom of Saudi Arabia, reported SPA.
GAIA has established four AI Hackathons so far, where more than 7,000 participants and AI developers have created 185 prototypes. The programme budget has reached $30 million with the aim of empowering 300 startups in generative AI.
The first batch of GAIA accelerator was launched in July with 15 startups taking part in it with the value of its investment fund standing at $160 million. It has set a target to invest in 120 companies in the early stages, as it tracks the progress of startups automatically using generative AI techniques.
The establishment of GAIA falls within efforts of SDAIA and NTDP to enhance the Kingdom’s pioneering scientific status as a leading enabler of AI technologies, said the SPA report.
GAIA works on empowering the environmental AI systems in the Middle East-North Africa (Mena) region through offering programs that target the entrepreneurship sector and technology startups and attract Al-driven businesses in the kingdom, it added.