- Swiss company Hedera Hashgraph has launched the DeepTech Venture Studio in Riyadh, Saudi Arabia, with a $250 million investment over five years.
- The initiative aims to boost the technology sector and drive advancements across various industries.
- The partnership with the Saudi Ministry of Investment aims to strengthen the entrepreneurship ecosystem and create collaborative opportunities for economic growth and job creation.
Hedera Hashgraph, a company based in Switzerland, has recently launched a major initiative in Riyadh, Saudi Arabia, called the DeepTech Venture Studio. This venture is a partnership with the Saudi Ministry of Investment and signals Saudi Arabia’s commitment to moving away from its traditional reliance on oil towards embracing technology and innovation as key drivers of economic growth.
The DeepTech Venture Studio aims to become a hub for technological innovation in Riyadh, the capital city of Saudi Arabia. Through this initiative, Hedera Hashgraph hopes to boost the technology sector in the region, leading to significant advancements across various industries.
With an impressive investment of $250 million spread over five years, the DeepTech Venture Studio is specifically focused on speeding up the development of innovative technological solutions, particularly in the field of Web3 technologies.
As part of a five-year agreement valued at $250m with the Saudi Ministry of Investment (@MISA), @The_Hashgraph Association has announced the launch of the DeepTech Venture Studio – empowering companies to develop innovative technological solutions. #web3https://t.co/wnqA9H4rm4 https://t.co/Yi6EJWqEh6
— Hedera (@hedera) February 6, 2024
Hedera Hashgraph’s cryptocurrency, which operates on the Hashgraph technology, reflects its dedication to promoting innovation through non-profit initiatives supporting education and training programs. These programs aim to nurture the next generation of tech entrepreneurs and startups in Saudi Arabia.
The DeepTech Venture Studio will offer resources, mentorship, and access to a network of experts, empowering innovators to turn their ideas into real technological solutions. These solutions will tackle real-world challenges spanning various areas such as virtual reality, quantum computing, blockchain, robotics, Internet of Things, and artificial intelligence.
The memorandum of understanding (MoU) signed outlines the objectives aimed at fostering local and global partnerships to strengthen the entrepreneurship ecosystem within Saudi Arabia. By combining the expertise and resources of both the public and private sectors, the initiative aims to create collaborative opportunities that drive economic growth and job creation in the country.
Following this announcement, Hedera Hashgraph’s value experienced a significant increase, with its price rising by 10% in just 24 hours, reaching $0.0762. Additionally, its market capitalization increased by 4.07% to $2,471,922,249, and trading volume surged by 402.46% to $141,081,400.