In a groundbreaking development for Saudi Arabia's tech ecosystem, Wa'ed Ventures, the venture capital arm of Saudi Aramco, has backed a $30 million Series B funding round for Lucidya, a Riyadh-based artificial intelligence startup. This investment marks the largest AI funding round in the kingdom's history, highlighting the growing importance of AI in the region's digital transformation.
Lucidya, a leading AI-powered customer experience management (CXM) platform in the MENA region, aims to revolutionize how businesses interact with customers using cutting-edge technology. The company plans to use the funds to scale its AI Agent offerings, creating a digital workforce tailored for customer-facing roles, enhancing engagement, and reducing operational costs.
The funding round, led by Impact46 alongside Wa'ed Ventures, also saw participation from other prominent regional investors. This collective backing underscores the confidence in Lucidya's vision to become a global leader in AI-driven customer solutions.
With this record-breaking investment, Lucidya is poised to expand its reach across the MENA region and beyond, further solidifying Saudi Arabia's position as a hub for technological innovation. The startup's platform is already helping businesses improve customer interactions through data-driven insights and automation.
This milestone aligns with Saudi Arabia's Vision 2030, which emphasizes economic diversification and the development of a robust digital economy. Investments like these demonstrate the kingdom's commitment to fostering innovation and supporting homegrown tech talent.
As Lucidya gears up for its next growth phase, the tech world watches closely, anticipating how this infusion of capital will shape the future of AI in customer experience management. The collaboration between Aramco's venture arm and Lucidya could set a precedent for more such partnerships in the region.
Maria Lourdes
