Phaze Ventures Targets $75M Across Two New AI and Deeptech Funds

Phaze Ventures' Co-founders: Abdullah Al Shaksy (CEO), Mohammed Al Wahaibi (partner), and Masoud Al Rawahi (partner)

Oman-headquartered Phaze Ventures has launched a dual-vehicle venture capital platform with a combined $75 million target, securing $40 million in initial commitments.

The structure divides capital between Phaze Ventures Fund II—a global artificial intelligence and deeptech mandate anchored by the ITHCA Group, Ominvest, and the Oman LNG Development Foundation—and the Phaze Ventures Oman Fund, a localized vehicle backed by Future Fund Oman for domestic AI-enabled businesses.

What are Phaze Ventures’ two new funds targeting?

Oman-headquartered venture capital firm Phaze Ventures has launched two funds with a combined target of more than US$75 million, expanding its investment platform across global AI and deeptech companies and Oman-based businesses.

The firm has already secured more than US$40 million in commitments across the two funds and is continuing discussions with investors to reach its target.

The new platform comprises:

• Phaze Ventures Fund II: Continues the firm's global investment mandate in AI and deeptech, anchored by ITHCA Group, a subsidiary of Oman Investment Authority, alongside Ominvest and Oman LNG Development Foundation.
• Phaze Ventures Oman Fund: Establishes a dedicated capital pool for homegrown, AI-enabled businesses, anchored by Future Fund Oman.

Across the two funds, Phaze Ventures has deployed more than US$10 million into 10 companies, according to the firm. Its first investments include Arabic.AI, Sully.ai, Andromeda Surgical, Boardy.ai and Metal, with co-investors including Andreessen Horowitz (a16z), 8VC, Standard Capital, Y Combinator and Baidu Ventures.

The launch comes as Oman develops the International Financial Centre of Oman, an initiative intended to strengthen the country's position as a destination for international companies and investors.

Who is investing in Phaze Ventures’ new funds?

The funds bring together Omani investment institutions and other investors to support AI and deeptech businesses at different stages of development.

Fund detail	Phaze Ventures Fund II	Phaze Ventures Oman Fund
Investment focus	Global AI and deeptech startups	Homegrown, AI-enabled businesses
Anchor investors	ITHCA Group, Ominvest and Oman LNG Development Foundation	Future Fund Oman
Combined fundraising target	Part of a combined target exceeding US$75 million	Part of a combined target exceeding US$75 million
Capital committed	More than US$40 million across both funds	More than US$40 million across both funds
Capital deployed	More than US$10 million across 10 companies across the platform	More than US$10 million across 10 companies across the platform

Source: Phaze Ventures. The firm announced the figures on a combined basis; a separate allocation between the two funds was not provided.

The structure allows Phaze Ventures to maintain its international investment strategy while creating a dedicated vehicle for businesses developing AI-enabled products in Oman.

For Oman, the Oman Fund offers a route for local founders to access venture capital and investor networks. Fund II, meanwhile, continues the firm's strategy of investing in companies building technology with applications across international markets.

Why is Phaze Ventures investing in AI and deeptech?

Phaze Ventures’ investment thesis centres on backing founders who combine technical expertise with practical industry knowledge and can demonstrate the value of their technology through real-world deployments.

“AI is the most disruptive technology shift of our generation. Oman and the Gulf can’t afford to be a spectator, and our participation can’t be limited to playing catch-up through investments in hyperscalers, data centers and public market offerings. 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 CEO of Phaze Ventures.

The firm's portfolio reflects this approach, spanning applications in healthcare, robotic surgery, enterprise operations and venture fundraising.

“We back founders who combine domain expertise with strong engineering and learn from every real-world deployment,” said Masoud Al Rawahi, co-founder and partner at Phaze Ventures.

Rather than focusing exclusively on foundational AI infrastructure, the firm is backing companies applying AI to specific operational challenges, including clinical workflows, customer support, capital raising and regulated healthcare innovation.

Which startups are included in Phaze Ventures’ portfolio?

Phaze Ventures’ initial investments include companies developing AI applications across healthcare, surgery, enterprise software and capital markets. The following examples illustrate the range of the firm's investment strategy.

1. Arabic.AI: Building Arabic-language enterprise AI

Arabic.AI develops Arabic-language enterprise AI for business and government use cases. Founder and CEO Nour Al Hassan said the partnership with Phaze Ventures aligned with the company's ambition to develop AI that the region can own and build over the long term.

In September 2026, Arabic.AI announced an investment and operating partnership with Saudi Arabia's HUMAIN to expand its Arabic-language enterprise AI capabilities. It also announced a partnership with Qualcomm Technologies to explore infrastructure-level optimisation and enterprise and government deployments.

The company's focus on Arabic-language systems places it within a segment of enterprise AI aimed at addressing language-specific and regional deployment requirements.

2. Sully.ai: Automating healthcare workflows

Sully.ai develops AI tools for healthcare workflows and is backed by Y Combinator. The company reports that its technology has returned more than 37 million minutes to the healthcare workforce and is used by health systems with more than 20,000 clinicians.

Co-founder and CEO Ahmed Omar said Phaze Ventures recognised how AI could increase healthcare capacity and generate practical returns for health systems. The investor also helped connect the company with healthcare providers able to deploy its products.

A case study published by NVIDIA highlighted Sully.ai's use of Baseten and NVIDIA Blackwell technology, reporting a 90% reduction in inference costs and a 65% improvement in response times for medical workflows.

These reported results illustrate how AI infrastructure and workflow optimisation can affect both the cost and speed of clinical administration.

3. Andromeda Surgical: Developing AI-guided robotic surgery

Andromeda Surgical is developing AI-guided robotic surgery technology designed to support surgeons during procedures.

Led by co-founder and CEO Nick Damiano, a three-time medtech founder associated with Zenflow and Avail MedSystems, the company raised a US$15 million Series A led by Standard Capital in August 2026.

Phaze Ventures backed Andromeda Surgical at seed stage and participated again as the company advanced its technology. Damiano said the investor recognised the team's combination of medical and autonomous-systems expertise and helped it build relationships through its regional network.

The investment reflects Phaze Ventures’ willingness to back technically complex companies in which commercial development requires both specialised engineering and industry expertise.

4. Boardy.ai: Connecting founders with investors and talent

Boardy.ai uses AI to connect founders with investors, potential customers and talent. Backed by 8VC, the company reports having spoken with more than 200,000 people on its platform.

Phaze Ventures has invested in the company as part of its broader focus on AI applications in the capital markets ecosystem.

By using AI to facilitate introductions, Boardy.ai targets the relationship-building process that underpins fundraising, business development and recruitment.

5. Metal: Applying AI to venture fundraising

Metal develops an AI-powered fundraising platform designed to help founders manage the process of raising venture capital.

Phaze Ventures invested in Metal's seed round alongside Y Combinator and a16z. Founder and CEO Usman Gul described the firm as a fast-moving investor that became a committed partner as Metal expanded its AI-driven operating system for founders raising venture rounds.

Gul is a two-time founder who previously raised US$120 million from investors including First Round Capital, Buckley Ventures and 20VC, according to the supplied company information.

Metal and Boardy.ai illustrate the firm's interest in applying AI to the venture ecosystem itself, from managing fundraising processes to connecting founders with relevant stakeholders.

6. OnClarity: Automating enterprise customer support

OnClarity develops AI agents that resolve customer issues, verify their responses and improve through interactions.

The company has offices in Dubai, Riyadh and New York. Its reported customers include OpenAI, Booking.com, Careem, stc, tabby and OpenSea.

Co-founder and CEO Abed Kasaji said Phaze Ventures recognised the value of agents that can act, check their work and learn from customer conversations. He also highlighted the investor's role in connecting the company with enterprise customers.

OnClarity's approach focuses on using AI agents in operational environments where the quality and verification of responses matter alongside automation.

7. Panacea: Bringing AI into regulated healthcare innovation

Panacea combines AI with regulatory expertise to help biotechnology and medical-device companies navigate the US Food and Drug Administration (FDA) process.

The Y Combinator-backed company provides regulatory strategy and submission services, with clients paying fixed fees tied to completed milestones.

Co-founder and CEO Haris Javed-Akhtar said Phaze Ventures understood the company's approach of combining AI with specialised regulatory knowledge to help medical innovations reach patients faster. The investor also connected Panacea with medtech founders seeking its services.

Its model applies AI to a highly specialised field in which regulatory knowledge and process execution remain central to delivering value.

8. Lightning Rod Labs: Training AI on real-world business outcomes

Lightning Rod Labs develops specialised AI models trained on unstructured business data. The company uses real-world outcomes as feedback to support enterprise forecasting.

Founder and CEO Ben Turtel said Phaze Ventures engaged with the company on complex technical questions and helped explore opportunities to scale its technology with global enterprise customers.

The company's approach highlights another part of Phaze Ventures’ strategy: supporting AI systems designed around domain-specific data and measurable business outcomes.

How is Phaze Ventures expanding beyond Oman?

Founded in 2018, Phaze Ventures has expanded from its base in Muscat into a broader Gulf investment platform, with team members in Muscat, Dubai and Riyadh.

The firm manages capital for more than 50 investors, including sovereign entities, listed companies, corporates, family offices and business families across Oman, Saudi Arabia, Bahrain, India and other markets.

Firm profile	Details
Founded	2018
Headquarters	Muscat, Oman
Co-founders	Abdullah Al Shaksy, Mohammed Al Wahaibi and Masoud Al Rawahi
Team presence	Oman, Saudi Arabia and the UAE
Investor base	More than 50 investors
Portfolio	24 companies backed
Exits	Three companies sold, according to the firm
New fund platform	More than US$75 million combined target
Commitments secured	More than US$40 million
Capital deployed across the new platform	More than US$10 million across 10 companies

The firm's geographic footprint gives it a base in Oman while maintaining access to founders, co-investors and enterprise customers across the wider region and international markets.

“Investors across Oman and the Gulf want a stake in the next generation of AI companies while they are still taking shape. This platform is our answer,” said Mohammed Al Wahaibi, co-founder and partner at Phaze Ventures.

What do the new funds mean for Oman’s AI ecosystem?

The two-fund platform creates separate investment pathways for international AI and deeptech companies and businesses developing AI-enabled products in Oman.

Its significance will depend on how effectively Phaze Ventures converts investor commitments into deployed capital, supports portfolio companies and helps founders reach commercial scale.

Three factors will be important to watch:

• Fundraising progress: The firm has secured more than US$40 million against a combined target exceeding US$75 million. Further commitments will determine the final size of the platform.
• Capital deployment: Phaze Ventures says it has already deployed more than US$10 million across 10 companies through the new funds. Future investments will show how the firm allocates capital between its global and Oman-focused mandates.
• Commercial outcomes: Portfolio performance, enterprise adoption and eventual exits will help demonstrate whether the firm's strategy translates into sustainable businesses and returns for investors.

For Oman, the dedicated Oman Fund could provide local AI-enabled businesses with a more focused source of venture capital. Fund II, meanwhile, maintains a route for Omani and Gulf-based investors to participate in international AI and deeptech companies.

The launch therefore represents both a fundraising milestone for Phaze Ventures and an expansion of its investment model. The next measure of progress will be the amount of capital raised, the companies backed and the commercial results those investments produce.