The Riyadh, Saudi Arabia-headquartered startup Quant that provides data analysis and artificial intelligence services on Tuesday (March 17) raised $1.2 million in a Pre-Series A funding round from Business Incubators & Accelerators (BIAC) with participation from a number of regional angel investors.
The company in a statement said that the funds will be utilised to augment operations in the domain of research and development, creating products based on data and AI, and also to expand its footprint across KSA and new markets.
Ahmed Bukhamseen, the CEO & Co-founder of Quant in a statement affirmed the need for data science and AI for the Saudi and MENA market,
“At Quant, we are proud to be at the forefront of companies that provide data science to enhance decision-making and enable organizations to achieve their goals by taking advantage of our technical expertise in data science, advanced products and strategic partnerships,”
Nawaf Al-Sahhaf, CEO of BIAC mentioned that their investment in Quant comes with a strategy that delves into enabling innovation and entrepreneurship in the tech startup ecosystem. He added that the investment will help Quant to expand rapidly across KSA and build new avenues for expansion whilst leveraging the efficiency of the company to become one the leading companies in the data science and AI sector.
Started in 2015 by Ahmed Bukhamseen, Quant graduated from Badir Technology Incubators and Accelerators Program in 2017. The company utilises data analytics and AI to offer a spectrum of specialised services and products that return a number of use cases such as real-time analytical reporting, increasing revenues, enhancing decision-making and risk reductions for businesses and startups. The company has also specifically built personalised products for businesses working in the real estate sector – providing interactive indicator boards to assimilate the market status and trends by capitalising on the geographical & demographic data, and other key real estate indicators.