Phaze Ventures Launches Two AI & Deeptech Funds Targeting $75 Million
The Oman-based VC has launched two funds for early-stage AI and deeptech companies, with more than $40 million already committed.
Oman-headquartered venture capital firm Phaze Ventures has launched two new funds targeting more than $75 million in combined capital, with over $40 million committed to date.
The vehicles include Phaze Ventures Fund II, which continues the firm’s global early-stage AI and deeptech strategy, and Phaze Ventures Oman Fund, a dedicated vehicle for AI-enabled companies operating in Oman. Institutional backers include ITHCA Group, Ominvest and Oman LNG Development Foundation for Fund II, while Future Fund Oman is anchoring the Oman-focused vehicle.
Founded in 2018 by Abdullah Al Shaksy, Mohammed Al Wahaibi and Masoud Al Rawahi, Phaze Ventures invests across the GCC and North America, with team members in Muscat, Dubai and Riyadh. Across the two funds, the firm has completed 10 investments so far, including Arabic.AI, Sully.ai, Andromeda Surgical, Boardy.ai and Metal.
Phaze Ventures manages capital for more than 50 investors, spanning sovereign entities, corporations, family offices and other institutional backers. The firm has not disclosed individual fundraising targets for each fund, final closing dates or the total capital already deployed.
The launch comes as Oman expands its financial and technology ecosystem, including work on the International Financial Centre of Oman, while investment activity in artificial intelligence and advanced technologies continues to grow across the Gulf.
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