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Aramco’s Venture Arm Invests in Telefonica-Backed AI Startup

Summary by Bloomberg
Saudi Aramco’s venture arm has invested in an AI cloud startup backed by Spanish telecom giant Telefonica SA as it seeks to drive the kingdom’s push to become an artificial intelligence hub.

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BloombergBloomberg

Aramco’s Venture Arm Invests in Telefonica-Backed AI Startup

Saudi Aramco’s venture arm has invested in an AI cloud startup backed by Spanish telecom giant Telefonica SA as it seeks to drive the kingdom’s push to become an artificial intelligence hub.

·United States
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Oil & Gas 360Oil & Gas 360

Aramco’s venture arm invests in Telefonica-backed AI startup – Oil & Gas 360

(World Oil) – (Bloomberg) – Saudi Aramco’s venture arm has invested in an AI cloud startup backed by Spanish telecom giant Telefonica SA as it seeks to drive the kingdom’s push to become an artificial intelligence hub. The deal with UK-based Ori will see the company establish a regional subsidiary in Riyadh to develop talents and advance technologies in the local sector, according to a statement on Sunday. No financial terms were disclosed. Wa’ed

·Denver, United States
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Mobile World LiveMobile World Live

Aramco venture arm invests in AI start-up

The venture arm of Saudi conglomerate Aramco reportedly invested in start-up Ori, a UK-based AI cloud company already backed by Spain-based operator Telefonica. Bloomberg reported Wa’ed Ventures, which has a venture capital pot of around $500 million, made an undisclosed investment in Ori which will be used to establish a regional subsidiary in Riyadh. The move points to increasing investment from Saudi companies into AI as they look to advance …

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Bloomberg broke the news in United States on Sunday, February 16, 2025.
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