Oman's Phaze Ventures targets $75M across two AI and deeptech funds

MUSCAT — Phaze Ventures has raised more than $40 million toward a target of over $75 million across two new funds: a global AI and deeptech vehicle and a dedicated Oman fund.

The anchor list is the Omani state in venture form. ITHCA Group, the Oman Investment Authority's tech arm, leads into the global fund alongside Ominvest and the Oman LNG Development Foundation. Future Fund Oman anchors the domestic vehicle.

Phaze, co-founded by CEO Abdullah Al Shaksy, launched Oman's first venture fund, a $30 million vehicle, in November 2021. The new funds have already deployed more than $10 million across ten companies including Arabic.AI, Sully.ai, Andromeda Surgical and Metal, co-investing alongside a16z, 8VC, Standard Capital and Y Combinator.

Oman is assembling a sovereign AI stack in public: a digital-economy programme, a $500 million OIA fund for Central Asia, and now a deeptech manager with sovereign anchoring. The smaller Gulf states are not waiting for Riyadh and Abu Dhabi to finish first.

Watch the Oman fund's deployment pace. Sovereign-anchored first closes usually convert to final close inside a year, and Phaze's global portfolio gives the domestic fund ready-made co-investment to point at.

WAYA first reported the raise.