French Alteia closes investment round led by Wa’ed Ventures ‎to accelerate expansion in Saudi Arabia ‎

Alteia, the French leader in artificial intelligence and industrial software, announced today that it has closed an investment round led by Wa’ed Ventures, the venture capital investment arm of Saudi Aramco wholly owned by Saudi Aramco.

Through this investment, the company will expand its business in the Kingdom of Saudi Arabia by launching a branch in the city of Dhahran in the Eastern Province, targeting the leading industrial companies in the Middle East and North Africa, where the company plans to provide support in the areas of artificial intelligence and computer vision. Alteia also aims to strengthen its position as one of the leaders in this field by intensifying its investments in research and development, and targeting broader applications of its solutions in the energy and predictive maintenance sector.

Altea CEO Michael de Lagarde said: “This transaction reflects the growing interest in Alteia technology globally and confirms its leading position within the AI ​​software ecosystem. This achievement is in addition to the previous investment which was led by the global company “Intel Capital” specialized in the fields of global technology. This strong interest is in line with current expectations about the applications of artificial intelligence, where studies have shown that 80% of organizations will adopt some form of computer vision to monitor their activities by year 2023.”

For his part, Eng. Fahad Al-Eidi, Managing Director of Wa’ed ‎ Ventures, said: “Our investments in deep technology companies have always been centered around a fundamental pillar, which is that the companies targeted by us contribute to the development and development of new technologies in the region to have a global impact. Alteia has proven a superior ability to translate the most complex data into predictions that are easy to monitor in real time, and its technologies have provided ways to improve industrial maintenance work by combining visual data with sensor network data.

Alteia’s applications include forecasting sand movement around pipelines, monitoring complex construction projects, digital inspection of critical facilities, automated detection of faults or problems, and detection of geographic changes using satellite imagery. The company is also working on introducing and introducing several other applications that have a positive impact in the Middle East and North Africa region.

Alteia co-founder Benjamin Benharouch added: “This investment led by the global energy company through its investment arm, Wa’ed ‎Ventures, is strong evidence of the belief of global investors in our efforts and pioneering path, and proves the huge value that visual data provides when used as a foundation to shape a more efficient and sustainable industrial future.”