SparkLabs closes $50M fund to back AI startups

September 2, 2024: SparkLabs Closes $50M for Global AI Startups - SparkLabs, noted for backing AI giants like OpenAI, has launched a $50 million AIM AI Fund. This fund will support AI startups via its Saudi-based AIM-X accelerator and globally, emphasizing Series A and B investments. About 35% of funds target accelerator participants; the rest will go to top AI startups, primarily in the U.S. The initiative reflects the growing global AI startup ecosystem, with the U.S. leading. SparkLabs has invested in 14 startups so far and will announce them live at the GAIN Summit in Riyadh on September 10.