Data is the New Oil: Saudi Data Science & AI Startup Quant Nabs $1.2 million in Pre-Series A Funding

Saudi Arabia-based startup Quant, which specialises in data science and artificial intelligence (AI), announced this week that it has secured $1.2 million (approximately SAR 4.5 million) in a Pre-Series A investment round.

The funding round was led by Business Incubators and Accelerators Company (BIAC), and saw the involvement of a number of prominent angel investors from around the Middle East.

Launched in 2015, Quant is a graduate of Saudi Arabia-based Badir Technology Incubators and Accelerators Programme, and focuses on a range of data-fuelled products including a cloud-based analytical application designed to provide companies access to real-time analytical reports. Quant’s services enable companies to mitigate their risks, increase revenues, and make more effective decisions pertaining to the business.

With this new funding, Quant will be able to not only enhance their research and development capabilities, but also delve further into AI-based products, and expand across both the Kingdom and the region at large.

Ahmed Bukhamseen, CEO and Co-Founder of Quant, commented on the investment round saying that data is the new oil, and highlighted the fact that in recent years the MENA market has jumped onto the data science and AI bandwagon, understanding the benefits of using and developing both.

Just last year, Saudi Arabia launched its first data and artificial intelligence authority, indicating the importance of these services and increasing the potential for startups in this space.

"We are proud to be at the forefront of companies that provide data science to enhance decision-making and enable organisations to achieve their goals by taking advantage of our technical expertise in data science, advanced products and strategic partnerships," said Bukhamseen.