Key Takeaways
- • Phaze Ventures, an Oman-headquartered venture capital firm founded in 2018, has launched two funds targeting more than US$75 million in combined capital to back global AI and deep tech companies.
- • The two funds, Phaze Ventures Fund II and the Phaze Ventures Oman Fund, have already secured over $40 million in commitments, with fundraising discussions continuing, according to the firm.
- • Fund II is backed by ITHCA Group (a subsidiary of the Oman Investment Authority), Ominvest and the Oman LNG Development Foundation; the Oman Fund is anchored by the government-backed US$5.2 billion Future Fund Oman.
- • The new funds have made their first 10 investments, with co-investors including a16z, 8VC, Standard Capital, Y Combinator and Baidu Ventures.
- • Phaze Ventures manages capital for more than 50 investors across Oman, Saudi Arabia, Bahrain, India and other markets.
Summary
Oman-headquartered venture capital firm Phaze Ventures has launched two funds targeting more than US$75 million in combined capital to invest in global artificial intelligence (AI) and deep tech companies, while also supporting homegrown AI-enabled businesses. Founded in Oman in 2018 by Abdullah Al Shaksy, Mohammed Al Wahaibi and Masoud Al Rawahi, the firm manages capital for more than 50 investors, including sovereign entities, listed companies, corporates, family offices and business families across Oman, Saudi Arabia, Bahrain, India and other markets.
The two new vehicles, Phaze Ventures Fund II and the Phaze Ventures Oman Fund, have already secured over $40 million in commitments, with fundraising discussions ongoing, the firm said. Fund II has the backing of ITHCA Group, a subsidiary of the Oman Investment Authority, Ominvest, a leading Omani investment holding company, and the Oman LNG Development Foundation, the corporate social responsibility arm of Oman LNG. The Oman Fund is anchored by the government-backed US$5.2 billion Future Fund Oman.
The funds have made their first 10 investments. Co-investors include US firms Andreessen Horowitz (a16z), 8VC, Standard Capital and Y Combinator, as well as Beijing-based Baidu Ventures. Portfolio companies backed by the firm include US-based Sully.ai, Andromeda Surgical, Boardy.ai and Metal, as well as UAE-based Arabic.AI.
Speaking to Inc. Arabia, Al Shaksy, co-founder and CEO, said founders choose investors who can make high-conviction decisions quickly, invest early and bring an expanded network to the cap table. Al Wahaibi, co-founder and Partner, said the firm backs founders combining deep industry insight with strong engineering and global ambition, focusing on AI-enabled businesses that can compound proprietary data, network or distribution over time, and on deep tech firms building foundational technologies. Al Shaksy cited existing bets in AI-powered social networks (Boardy.ai) and autonomous robotic surgery (Andromeda Surgical), and said the firm is evaluating AI-delivered services in complex, regulated industries and AI-enabled robotics. Co-founder and Partner Masoud Al Rawahi advised founders to start with a costly customer problem they understand deeply and to build for regional markets from day one.
The two new vehicles, Phaze Ventures Fund II and the Phaze Ventures Oman Fund, have already secured over $40 million in commitments, with fundraising discussions ongoing, the firm said. Fund II has the backing of ITHCA Group, a subsidiary of the Oman Investment Authority, Ominvest, a leading Omani investment holding company, and the Oman LNG Development Foundation, the corporate social responsibility arm of Oman LNG. The Oman Fund is anchored by the government-backed US$5.2 billion Future Fund Oman.
The funds have made their first 10 investments. Co-investors include US firms Andreessen Horowitz (a16z), 8VC, Standard Capital and Y Combinator, as well as Beijing-based Baidu Ventures. Portfolio companies backed by the firm include US-based Sully.ai, Andromeda Surgical, Boardy.ai and Metal, as well as UAE-based Arabic.AI.
Speaking to Inc. Arabia, Al Shaksy, co-founder and CEO, said founders choose investors who can make high-conviction decisions quickly, invest early and bring an expanded network to the cap table. Al Wahaibi, co-founder and Partner, said the firm backs founders combining deep industry insight with strong engineering and global ambition, focusing on AI-enabled businesses that can compound proprietary data, network or distribution over time, and on deep tech firms building foundational technologies. Al Shaksy cited existing bets in AI-powered social networks (Boardy.ai) and autonomous robotic surgery (Andromeda Surgical), and said the firm is evaluating AI-delivered services in complex, regulated industries and AI-enabled robotics. Co-founder and Partner Masoud Al Rawahi advised founders to start with a costly customer problem they understand deeply and to build for regional markets from day one.
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