Jul 17, 2024 - Technology
Exclusive: Saudi Aramco backs AI startup
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A venture unit of Saudi Arabian oil company Aramco is making its first U.S. AI-related investment, backing a pre-Series A round for San Francisco-based AiXplain, according to details shared first with Axios.
Why it matters: AiXplain is one of a growing number of startups that aim to transform generative AI from chatbots into agents who can take action.
- The startup also wants to ensure that Arabic languages are better represented.
Driving the news: Aramco-backed Wa'ed Ventures is part of a $6.5 million round for AiXplain.
- AiXplain, which has fewer than 50 employees, plans to use the proceeds to expand the business side of its operations.
- The startup is led by Hassan Sawaf, a veteran of the AI industry, who held senior posts at Amazon, eBay and Meta.
- The company has raised $16.5 million to date, has early customers and was profitable last year, Sawaf said.
What they're saying: A lot of companies have challenges that can be addressed using generative AI, but struggle when it comes to figuring out which models to use and how, Sawaf added.
- "They know that AI can be a solution, but they don't know where to start," Sawaf told Axios. "So we have an agent for that, our own super agent."
- That agent, dubbed, Bel Esprit, aims to allow non-technical people to describe in plain language what they want and to develop AI apps and agents.
- Sawaf said AiXplain offers customers a choice of models, with an evaluation system to help select the right one for the job.
