Aramco, the Saudi Arabian oil giant, has launched Prosperity7 Ventures, a venture capital fund aimed at catalyzing next-generation technologies and diversifying business models. Prosperity7 Ventures is the diversified growth fund of Aramco Ventures, a subsidiary of Aramco.
The fund provides venture funding that presents an unparalleled opportunity for international scalability and impact. Prosperity7 Ventures is different from other venture capital firms and funds as it provides unique access and connections to markets in the Middle East, China, and the developing world.
The portfolio of Prosperity7 Ventures covers a range of industries, including DeepTech, metaverse, Robotics/AI, MedTech/BioTech, Mobility, SecurityTech, FinTech, eCommerce, Cloud/ Computing, and Foodtech, and spans the globe solving problems that matter to all of us. The fund seeks to invest in highly scalable ventures, led by world-class management teams, with disruptive technologies and business models, outside of the energy sector.
The fund has already invested in Hong Kong-based drug discovery and development company Insilico, which uses machine learning to identify potential drug targets. The firm has also invested in metaverse technologies with NEOM being of particular interest. Prosperity7 Ventures inspired Insilico to look into sustainable chemistry. Aramco’s Prosperity7 Ventures is not just focused on traditional industries; it has also set its sights on the exciting and rapidly evolving realm of the metaverse.
The metaverse represents a virtual universe where digital and physical realities converge, offering limitless possibilities for immersive experiences, social interaction, commerce, and innovation. Within the metaverse, Aramco’s investments are poised to shape the future of how we connect, work, and play.
By backing metaverse technologies, Prosperity7 Ventures aims to participate in the creation of digital landscapes that transcend borders and offer new dimensions of exploration and engagement. One noteworthy point of interest in this venture is NEOM, a visionary urban project in Saudi Arabia. NEOM is envisioned as a futuristic city where cutting-edge technologies converge to create a sustainable and technologically advanced metropolis.
Prosperity7 Ventures’ involvement in metaverse technologies aligns with NEOM’s ambitious goals, potentially contributing to the development of a metaverse within this forward-thinking city.
In conclusion, Aramco’s Prosperity7 Ventures is not just diversifying its portfolio but also venturing into the exciting world of the metaverse, where it is poised to play a pivotal role in shaping the future of digital engagement and innovation.