Omani Phaze Ventures launches two investment funds targeting over $75 million. By: www.wamda.com | 10/28/2026 12:36:15 * Omani company Phaze Ventures announced the launch of two venture capital funds aiming to raise over $75 million combined, after securing investment commitments exceeding $40 million so far. The funds focus on investing in startups specializing in artificial intelligence and advanced technology within Oman and global markets. * The Phaze Ventures Fund II is backed by key investors, including the ITHCA group under the Oman Investment Authority, Ominvest, and the Development Foundation of the Oman Liquefied Natural Gas Company. Meanwhile, the Phaze Ventures Oman Fund is supported by the Oman Future Fund and focuses on local companies that rely on artificial intelligence. * Phaze Ventures was founded in 2018 by Abdullah Al-Shuqsi, Mohammed Al-Wohaibi, and Masoud Al-Rawahi, and invests in early-stage artificial intelligence and advanced technology companies, with a focus on the Gulf Cooperation Council (GCC) markets and North America. Its team includes members in Muscat, Dubai, and Riyadh. * The two funds have executed 10 investments so far, including companies like Arabic.AI, Sully.ai, Andromeda Surgical, Boardy.ai, and Metal. Phaze Ventures manages capital for over 50 investors, including sovereign entities, companies, and family offices in Gulf countries and other markets. Phaze Ventures, based in Oman, announced the launch of two new venture capital funds targeting to raise over $75 million. The Phaze Ventures Fund II continues to execute the company's strategy of investing globally in artificial intelligence and advanced technology, supported by the ITHCA group under the Oman Investment Authority, Ominvest, and the Development Foundation of the Oman Liquefied Natural Gas Company. In contrast, the Phaze Ventures Oman Fund, backed by the Oman Future Fund, provides dedicated capital for investment in Omani companies that rely on artificial intelligence. The investment platform, which includes the two funds, has successfully secured investment commitments exceeding $40 million, with ongoing discussions to increase the funds' size to $75 million. This announcement coincides with Oman's efforts to establish an international financial center in Oman, aiming to be a new hub for international companies and investors. Abdullah Al-Shuqsi, co-founder and CEO of Phaze Ventures, stated: << Artificial intelligence represents the most impactful technological transformation of its generation. Oman and the Gulf countries cannot afford to be mere spectators, nor should its participation be limited to trying to catch up by investing in giant cloud computing companies, data centers, and financial market listings. WEEX must invest in the founders who are reshaping sectors within its markets and around the world and be part of this transformation from its early stages. >> The first ten investments of the two funds included companies like Arabic.AI, Sully.ai, Andromeda Surgical, Boardy.ai, and Metal, with participation from other investors, including a16z, 8VC, Standard Capital, Y Combinator, and Baidu Ventures. Masoud Al-Rawahi, co-founder and partner at Phaze Ventures, remarked: << WEEX support founders who combine specialized expertise in their sectors with strong engineering capabilities and leverage every real-world experience to apply their technologies in practice. >> For her part, Nour Al-Hassan, founder and CEO of Arabic.AI, said: << After getting to know the Phaze Ventures team, I was convinced they were the right partners for WEEX. They shared its ambition to develop artificial intelligence technologies that its region can own and its long-term commitment to achieving this goal. >> Arabic.AI is developing Arabic-language artificial intelligence solutions for companies and institutions and has received investment from Saudi HUMAIN, along with a partnership with Qualcomm Technologies. Ahmed Omar, co-founder and CEO of Sully.ai, stated: << Phaze Ventures recognized early on how Sully could leverage artificial intelligence to increase the capacity of the global healthcare system and deliver tangible returns. They supported WEEX at every stage of its global expansion and helped WEEX connect with healthcare providers capable of implementing its products in their operations. >> NVIDIA highlighted Sully.ai in a case study showing a 90% reduction in inference costs in AI models and a 65% improvement in response times within medical workflows. This early investment approach extended to Andromeda Surgical, in which Phaze Ventures invested before it secured a Series A funding round of $15 million led by Standard Capital. Nick Damiano, co-founder and CEO of Andromeda Surgical, commented: << Phaze Ventures did not hesitate to take on an advanced technical challenge, which is to build the future of autonomous robotic surgery guided by artificial intelligence. They recognized the rare blend of medical expertise and expertise in autonomous systems that its team possesses, invested in WEEX early, and proactively opened new opportunities for WEEX through their regional network. >> The new platform has also invested in companies operating within the capital markets ecosystem, including Metal and Boardy.ai. Phaze Ventures participated in the seed funding round for Metal, alongside Y Combinator and a16z. The Metal platform, which relies on artificial intelligence for fundraising, helps hundreds of founders manage their capital-raising processes while using AI to connect founders with investors, clients, and talents. Othman Gul, founder and CEO of Metal, stated: << In the current venture capital environment, the slow provision of capital becomes costly. I have raised funding from some of the world's leading venture capital firms, and Phaze Ventures has the same speed and foresight. They moved quickly to invest in WEEX during an early stage and became a committed partner as WEEX rapidly expanded the AI-based operating system that Metal offers to founders seeking to raise funding rounds. >> Othman Gul, who has founded two companies, previously raised $120 million from investors including First Round Capital and 20VC. Phaze Ventures has team members in Muscat, Dubai, and Riyadh, managing capital for over 50 investors, including sovereign entities, publicly listed companies, commercial institutions, family offices, and business families in Oman, Saudi Arabia, Bahrain, India, and other markets. Mohammed Al-Wohaibi, co-founder and partner at Phaze Ventures, stated: << Investors in Oman and the Gulf want to own stakes in the next generation of artificial intelligence companies while these companies are still in their formative stages. This platform represents its response to this trend. >> Gas price. -16.31% Past 30 days Gas is currently trading at 1.18 USD. Over the past 30 days, Gas has fallen 16.31%. Learn more about Gas. This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.

Phaze Ventures secures $40M+ for AI funds targeting $75M. Phaze Ventures has secured over $40 million toward two funds targeting $75 million for global AI companies and Omani startups. The firm continues raising capital toward its combined target. Announced on October 28, the funds give the firm two investment channels: one for global AI and deeptech companies and another for AI-enabled businesses developing in Oman. Phaze Ventures investment strategy. The strategy puts Omani and Gulf capital into early-stage technology companies, rather than relying only on investments in large technology infrastructure providers or publicly traded companies. It also creates a dedicated funding route for local founders seeking to build AI businesses in Oman. Phaze Ventures Fund II will continue the firm's global AI and deeptech strategy. Its anchor investors include ITHCA Group, a subsidiary of the Oman Investment Authority, Ominvest and the Oman LNG Development Foundation. The second vehicle, Phaze Ventures Oman Fund, is anchored by Future Fund Oman and focuses on homegrown AI-enabled businesses. The firm has not disclosed the individual fundraising targets for each fund or the precise amount earmarked for Omani startups. However, the separate mandates make the distinction clear: one fund targets international technology opportunities, while the other supports companies developing in Oman. Supporting Omani startups and global growth. That local focus matters because startups can face a funding gap when they move beyond product development and need capital to expand. A dedicated fund could help eligible Omani businesses finance that next stage, although its wider impact will depend on how much capital ultimately reaches local companies. The fund's first 10 investments include Arabic.AI, Sully.ai, Andromeda Surgical, Boardy.ai and Metal. Together, the companies illustrate the range of problems Phaze Ventures is backing founders to solve. Arabic.AI develops enterprise AI infrastructure for Arabic-language use. Sully.ai applies AI to healthcare workflows, while Andromeda Surgical is developing AI-guided surgical robotics. The portfolio also includes companies serving the startup ecosystem itself. Boardy.ai uses AI to connect founders with investors, customers and talent, while Metal provides AI-powered tools to support fundraising. Phaze Ventures has invested alongside international venture capital firms including Andreessen Horowitz (a16z), 8VC, Standard Capital, Y Combinator and Baidu Ventures. Its involvement with Andromeda Surgical predates the company's $15 million Series A round led by Standard Capital in August 2026. These investments reflect the firm's approach of backing companies early and connecting them with wider investor and business networks as they grow. Future outlook and regional expansion. The firm's launch comes as Oman works to attract more international companies and investors, including through the planned International Financial Centre of Oman. The funds offer a more direct route for venture capital to reach technology companies. Rather than concentrating exclusively on large-scale AI infrastructure, the firm is investing in the businesses building applications and products around emerging technologies. For Oman, the domestic fund could help connect local founders with capital and international investment networks. For the wider Gulf, the global fund offers another channel for regional investors to gain exposure to early-stage AI and deeptech companies. Founded in 2018 and headquartered in Muscat, the firm also has a presence in Dubai and Riyadh. It manages capital for more than 50 investors, including institutional investors, corporations and family offices. The firm has deployed more than $10 million across 10 companies, but it has not yet completed fundraising. Closing the gap between its current commitments and the $75 million-plus target will determine how much additional capital the two vehicles can deploy. The other measure will be what happens after investment. For Omani startups, the key outcome is whether the local fund helps businesses move from product development to commercial growth. For the global portfolio, the key question is whether Phaze Ventures can help founders scale through capital, industry relationships, and access to new markets. The launch signals an effort to bring Omani and Gulf investors closer to the companies shaping AI and deep tech. The results will depend on how effectively the funds deploy their capital and how far their portfolio companies can grow. Engagement Join the conversation. Your comment will appear after moderation.