Phaze Ventures, a Muscat-based venture capital firm, said it secured more than $40 million in commitments for two new funds that together target more than $75 million for artificial intelligence and deeptech companies.
Phaze Ventures Fund II is anchored by ITHCA Group, a subsidiary of the Oman Investment Authority, along with Ominvest and the Oman LNG Development Foundation, the Oman Observer reported. A second vehicle, the Phaze Ventures Oman Fund, is anchored by Future Fund Oman.
The firm said it has already invested more than $10 million across 10 companies from the new platform, including Arabic.AI, Sully.ai, Andromeda Surgical, Boardy.ai and Metal.
Founded in 2018, Phaze Ventures has a presence in Dubai and Riyadh and more than 50 investors, the firm said.
