SparkLabs, the venture capital firm known for backing AI giants like OpenAI, has just closed a $50 million AIM AI Fund to supercharge the next wave of artificial intelligence startups. The new fund will primarily support companies from its AIM-X accelerator in Saudi Arabia, part of a national initiative to boost AI technology over the next five years. However, it will also invest globally, targeting innovative AI startups worldwide.
The fund’s focus comes when AI is exploding in popularity, especially generative AI, with investors scrambling to find the next big thing in the industry. SparkLabs plans to invest in 50 to 70 startups, with a mix of early-stage accelerator participants and Series A and B investments. The firm has already made its first moves, investing in 14 diverse AI startups, ranging from video analytics in Hong Kong to agritech in Berlin.
About 35% of the new fund will be directed towards participants in the AIM-X accelerator, with the rest allocated for larger Series A and B investments outside Saudi Arabia. Check sizes will range from $200,000 to $5 million, depending on the startup’s stage and potential.
The first batch of investments includes AI-powered companies working on cutting-edge solutions in climate tech, recruitment, video intelligence, and more sectors. These startups are part of SparkLabs’ broader strategy to fuel AI innovation on a global scale, tapping into markets beyond the traditional tech hubs of Silicon Valley.
SparkLabs has a strong track record, with more than 550 startups backed worldwide and over 14 funds worldwide, including two in Saudi Arabia. The closure of this $50 million fund reinforces the firm’s commitment to leading the charge in the ever-expanding AI industry, helping shape technology’s future in diverse and impactful ways.
