Phaze Ventures Secures Over $40 Million for AI Funds

By the Editorial Team · Wednesday, October 28, 2026

Phaze Ventures has raised over $40 million toward two funds totaling more than $75 million to invest in AI and advanced technology companies globally and within Oman. These funds seek to address funding challenges faced by Omani startups, supporting growth stages to help position Oman as a regional innovation hub.

Oman-based venture capital firm Phaze Ventures has raised over $40 million in commitments toward two new investment funds targeting a combined total of more than $75 million. The funds are designed to support companies specializing in artificial intelligence (AI) and advanced technologies both internationally and within Oman, although the portion of capital specifically allocated for Omani startups has not been disclosed.

Phaze Ventures announced on Wednesday that the funds have already deployed more than $10 million across 10 companies, with ongoing discussions to secure additional investments. The two funds operate under distinct mandates: Phaze Ventures Fund II focuses on early-stage technology ventures in global markets, while the Phaze Ventures Oman Fund is dedicated to fostering private-sector growth within the Sultanate.

Phaze Ventures Fund II is backed by several anchor investors, including ITHCA Group—a subsidiary of the Oman Investment Authority (OIA)—along with Ominvest and the Oman LNG Development Foundation. Meanwhile, the Phaze Ventures Oman Fund is supported by Future Fund Oman, an OIA initiative aimed at expanding domestic private-sector development.

The combined $75 million fundraising target encompasses both international and domestic investments, rather than representing an exclusive pool for Oman-based startups. Among the initial investments are companies like Arabic.AI, which develops Arabic-language AI enterprise solutions; Sully.ai, providing healthcare AI applications; Andromeda Surgical, specializing in AI-guided surgical robotics; and technology platforms Boardy.ai and Metal.

Abdullah Al Shaksi, co-founder and CEO of Phaze Ventures, noted in written comments that financing remains a significant hurdle for Omani startups, particularly in scaling beyond early development stages. He highlighted that while initial funding may be accessible, securing capital for expansion typically poses greater challenges once products have proven their market viability.

The new funds aim to bridge these financing gaps by offering targeted support to technology ventures at various stages of growth, reflecting a broader push to position Oman as a hub for innovation and advanced technology development.

This article was reported by synthesizing coverage from multiple independent news outlets to present a balanced, unbiased account. Read about our editorial standards. Spotted an error? Let us know.