Naif Al Rajhi Investment announced its acquisition of a strategic stake (value undisclosed) in Mawdoo3, a company specialising in artificial intelligence (AI) technologies and large language models (LLMs) with a focus on the Arabic language.
Strategic Investment to Boost AI Innovation
This acquisition marks a strategic step by Naif Al Rajhi Investment to capitalise on emerging sectors, such as:
- Artificial intelligence: developing innovative tech solutions tailored to Arabic-speaking users.
- Arabic Data: Driving innovation in linguistic tools and data processing.
Mawdoo3 plans to leverage this investment to achieve its goals of:
- Expanding its tech offerings.
- Accelerating digital transformation in the region.
- Delivering added value to users and stakeholders through tech innovation.
Expansion Plans
Mawdoo3 aims to lead digital transformation efforts across the region, with Saudi Arabia as a launchpad for global market expansion.
The company is focused on advancing AI tools, attracting specialised talent, and fostering innovation in Arabic language technology by:
Developing specialised language models to enhance user experiences.
Innovating in Natural Language Processing (NLP).
Mawdoo3’s AI Achievements
Mawdoo3 is one of the region’s pioneers in AI investment, achieving notable milestones, including:
- Launching its proprietary NLP toolkit.
- Developing large language models (LLMs) to support multiple sectors.
- Commercialising solutions such as financial virtual assistants and enhancing Arabic language models.
Funding and Growth
Mawdoo3 has raised $25 million through three funding rounds, the latest being a $10 million Series B round in May 2019.
A spokesperson for Naif Al Rajhi Investment stated that the acquisition reflects the company’s vision of supporting innovation in promising tech sectors, particularly those serving Arabic-speaking users.
Meanwhile, a representative from Mawdoo3 highlighted that the partnership represents a turning point for the company’s future plans to expand its reach and solidify its leadership in Arabic AI innovation.
Significance of the Deal in the Arab Tech Market
This acquisition is expected to drive a significant leap in the development of AI solutions for the Arabic language, contributing to:
- Advancing tech innovation in the region.
- Providing advanced tools to enhance the experience of Arabic users.
- Strengthening the role of tech companies in digital transformation.
The deal reinforces Mawdoo3’s position as a leading player in AI and Arabic language technology while underscoring Naif Al Rajhi Investment’s commitment to supporting tech innovation and the digital economy in the region.