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inspireU program embracing 18 projects in its 9th intake

stc Group's inspireU entrepreneurs support program announced the selection of incubated projects in the final phase of the 9th intake.

The program embraced 18 projects, including Spoilz games provides services to game developers, win provides the sale and purchase of surplus industrial inventory of oil and petrochemical products between industrial companies, Sirdab serves business owners to instantly configure and manage their cloud repositories, Fraim app connects production companies to advertising service providers such as photographers, Qparts provides technical solutions in the field of auto parts and OPETA specializes in artificial intelligence and data analysis, which provides a platform that serves the restaurant and café sector.

In addition to Autoly Inc. application that specializes in AI / ML technology to help drivers and companies maintain their cars through damage analysis capability, “Moeco” platform for logistics solutions, provides low-cost tracking devices, “Flashlead” platform that provides a cloud-based software for customer management to improve corporate performance and increase sales, “Nugttah” platform, brings restaurant or café owners closer to their customers to allow them to order digitally, “Clevr” platform, supports small and medium enterprises in the retail sector, “Oumlapay” platform, provides a payment gateway that enables companies to accept, organize and transfer encrypted payments, “Nabt Agri Tech” platform that connects farmers and importers of fresh goods to business owners.

"Yamm Pay" platform that provides the latest “Buy Now, Pay Later” solutions, the “Siolla” application that helps individuals to invest their surplus funds, and the “FKEACI” platform to verify customers identity by using the artificial intelligence and automated learning to detect plagiarism. 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 automate response to email incidents.

These projects were qualified out of more than 600 projects applied for the 9th intake of the program after they passed all the levels of screening, which included presenting eligible projects in the final stages to the arbitration committee, which is based on evaluating them on several criteria, including the quality of the idea, the work team, the possibility of expansion, and the business model. Where rental committee of the arbitration has interviewed with projects founders and chose the best projects to embrace them in the ninth intake to benefit from inspireU services.

The Chief investment officer, Motaz Alangari said: “The inspireU program in this intake included a special tack to support projects in cybersecurity in cooperation with sirar from stc group, the digital provider of cybersecurity services. Alangari stressed that the establishment of this track aims to enhance local content and enable digital cyber projects, by providing a specialized workshops and technical advisory sessions for this track. "

It’s also worth mentioning that the inspireU program since its launch in 2015 has been able to incubated 75 emerging projects in various fields, as graduate companies have obtained investments worth more than 500 million Riyals, while the market value of these investments amounts to more than 10 billion Riyals, and inspireU projects use more than 40 million users, and financial transactions for incubated projects worth more than 12 billion riyals, and contribute to the creation of 600 thousand jobs in the market of the region.

Source: Press Release