Oman's Phaze Ventures launches two AI funds targeting over $75 million

Oman-based venture capital firm Phaze Ventures has introduced two new funds focused on investing in AI and deeptech startups, aiming to amass more than $75 million in combined capital. The new funds have already secured over $40 million in commitments.

Phaze Ventures Fund II, supported by ITHCA Group, Ominvest, and Oman LNG Development Foundation, follows a global investment strategy in AI and deeptech. Meanwhile, the Phaze Ventures Oman Fund, backed by Future Fund Oman, targets domestic AI-enabled businesses.

The venture capital firm, founded in 2018 by Abdullah Al Shaksy, Mohammed Al Wahaibi, and Masoud Al Rawahi, has offices or teams in Muscat, Dubai, and Riyadh. To date, Phaze Ventures has made 10 investments in AI and related startups, including Arabic.AI, Sully.ai, Andromeda Surgical, Boardy.ai, and Metal.

Despite the rapid expansion of the AI sector, Oman and the broader Gulf region must be proactive in fostering innovation rather than merely reacting to competitors. Abdullah Al Shaksy, co-founder and CEO of Phaze Ventures, emphasized this point.

Phaze Ventures is actively seeking early-stage investments in AI and deeptech companies, with a strong belief in founders who blend domain expertise with robust engineering. The firm's first investments include Arabic.AI, Sully.ai, Andromeda Surgical, Boardy.ai, and Metal. Notable investors in these ventures include a16z, 8VC, Standard Capital, Y Combinator, and Baidu Ventures.