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Saudi Arabian artificial intelligence (AI) start-up Lucidya has secured $30 million from investors, including Aramco's investment arm, as the company looks to scale its platform.
The Series B funding, the largest raised for an AI venture in the region, was led by Impact46 and participated by institutional investors Wa'ed Ventures and government-backed Takamol Ventures, as well as global venture capital firm SparkLabs, and existing investors Rua Growth Fund and ARG.
Lucidya, which develops an AI-powered customer experience management (CXM) platform, intends to use the fresh capital to expand its AI agent offering, as well as automate and personalise customer engagement.
The start-up operates in 11 countries and caters to BFSI, hospitality, healthcare and public sector clients with a combined market cap of more than $250 billion.
(Writing by Cleofe Maceda; editing by Seban Scaria)
