Phaze Ventures launches two funds targeting $75M for AI and deeptech
What's the deal? Oman-based Phaze VenturesDealroom has a profile for this one. Try Dealroom → has launched two new venture funds targeting more than $75 million combined, anchored by local institutional backers. Phaze Ventures Fund II, anchored by ITHCA GroupDealroom has a profile for this one. Try Dealroom → and Oman LNG Development Foundation, continues the firm's global AI and deeptech mandate, while a separate Oman Fund, anchored by Future Fund Oman, targets homegrown AI-enabled businesses.
Why now? The platform has already secured over $40 million in commitments, with talks ongoing to reach $75 million. The announcement coincides with Oman building the International Financial Centre of Oman, a new hub for international companies and investors.
What's the endgame? Phaze, founded in 2018 and previously backing a $30 million fund in 2021, wants Omani and Gulf capital invested in founders early rather than through hyperscalers and public markets. "We need to invest in the founders disrupting industries at home and across the globe, and we need to be a part of that disruption early," said Abdullah Al Shaksy, co-founder and chief executive officer.
Where's the money going? The funds' first 10 investments include Arabic.AIDealroom has a profile for this one. Try Dealroom →, Sully.ai, Andromeda Surgical, Boardy.ai, and MetalDealroom has a profile for this one. Try Dealroom →. Co-investors span a16z, 8VC, Standard Capital, Y Combinator, and Baidu VenturesDealroom has a profile for this one. Try Dealroom →. Phaze backed Andromeda Surgical before its $15 million Series A led by Standard Capital.
The signal: Phaze's AI focus lands at a split moment for MENA venture. H1 2026 regional funding fell 22% year over year to $1.35 billion and deal count dropped 41%, yet AI and AI-enabled firms drew $678 million — half of all regional venture capital — according to MAGNiTT. With regional investors now supplying roughly 81% of capital as international players retreat, Phaze is betting local money can anchor the next wave.
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