The inspireU program welcomed 18 projects, including Spoilz Games which provides services to game developers; Win which provides the sale and purchase of surplus industrial inventory of oil and petrochemical products between industrial companies; Sirdab which serves business owners to instantly configure and manage their cloud repositories; Fraim app which connects production companies to advertising service providers such as photographers; Qparts which provides technical solutions in the field of auto parts; and OPETA which specializes in artificial intelligence and data analysis, providing a platform that serves the restaurant and café sector.
Additionally, the program welcomed Autoly Inc. application which specializes in AI/ML technology to help drivers and companies maintain their cars through damage analysis capability; Moeco platform for logistics solutions which provides low-cost tracking devices; Flashlead platform which provides cloud-based software for customer management to improve corporate performance and increase sales; Nugttah platform which brings restaurant or café owners closer to their customers to allow them to order digitally; Clevr platform which supports small and medium enterprises in the retail sector; Oumlapay platform which provides a payment gateway that enables companies to accept, organize and transfer encrypted payments; and Nabt Agri Tech platform which connects farmers and importers of fresh goods to business owners. Moreover, Yamm Pay platform provides the latest “Buy Now, Pay Later” solutions; the Siolla application helps individuals to invest their surplus funds; and the FKEACI platform verifies a customer’s identity by using artificial intelligence and automated learning to detect plagiarism. Finally, Innovation Pioneers (IPSA) provides an innovative and secure authentication system that enables their users to verify remotely using encryption technologies to reduce cyber risks, and Sabry simulates phishing and automates response to email incidents.
These projects were selected out of the more than 600 that applied for the 9th intake of the program after having passed all the levels of screening, which included presenting eligible projects in the final stages to the arbitration committee. Selection was based on several criteria, including the quality of the idea, the work team, the possibility of expansion and the business model. The committee of judges interviewed the projects’ founders and chose the best projects to embrace in the 9th intake and offer the benefits from inspireU services.
stc’s Chief Investment Officer, Motaz Alangari, said, “The inspireU program in this intake included a special track to support projects in cybersecurity in cooperation with sirar from stc group, the digital provider of cybersecurity services.” Alangari stressed that the establishment aims to enhance local content and enable digital cyber projects by providing specialized workshops and technical advisory sessions for this track.
Since its launch in 2015, the inspireU program has been able to incubate 75 emerging projects in various fields, with graduate companies having obtained investments worth more than 500 million Riyals, the market value of these investments amounting to more than 10 billion Riyals. inspireU projects have featured more than 40 million users, financial transactions for incubated projects worth more than 12 billion Riyals and the creation of 600 thousand jobs in the region.
