Targeting high-growth sectors such as AI, healthtech, and deep-tech
FREDERICK, Md. , Nov. 7, 2024 /PRNewswire-PRWeb/ — ScienceWerx has just marked a global milestone with the successful conclusion of launching MENA Chapter Headquarters with a $100 Million EverGreen Pre-Seed Fund in Riyadh, Saudi Arabia. The EverGreen fund will transform the region’s research capabilities into market successes, targeting high-growth sectors such as AI, healthtech, and deep-tech—all aligned with Saudi Arabia’s strategic ambitions.
“Saudi Arabia’s innovation ecosystem holds immense value, yet much of it remains untapped in labs. The EverGreen fund will provide the support and infrastructure to propel these innovations to market.” – Dr. Khalid Saqr, ScienceWerx Board Advisor
In KSA and the GCC region, the opportunities in AI, biotech, and deep-tech are substantial but underutilized. Despite Saudi Arabia’s $5.1 billion annual R&D investment, a mere 5-7% ROI points to a gap between potential and performance. Dr. Khalid Saqr, ScienceWerx Board Advisor and MENA Chapter chairperson emphasizes, “Saudi Arabia’s innovation ecosystem holds immense value, yet much of it remains untapped in labs. The EverGreen fund will provide the support and infrastructure to propel these innovations to market.”
EverGreen’s value goes beyond capital infusion. Patrick Haley, ScienceWerx (USA) co-founder and chairman, notes, “The fund creates an ecosystem, bridging MENA’s $43 billion IP gap through partnerships, tech transfer offices, and incubation resources that speed up ambitious projects.” Bassem Kadry, co-founder and Chief Innovation Officer, adds, “Saudi Arabia has the resources to lead MENA’s knowledge economy, but critical infrastructure is needed. EverGreen brings that missing piece.” Moreover, Lewa Abu Khait, Regional Partner in KSA, describes the fund as a unique leap forward. “It’s a catalyst for Saudi innovators, transforming local R&D into globally competitive businesses.”
The EverGreen Pre-Seed Fund opens a new era in MENA’s IP commercialization, inviting Saudi innovators and investors to shape the future of the region’s knowledge economy.
About ScienceWerx
ScienceWerx is a 501c(3) non-profit organization, based in Frederick, Maryland, USA, dedicated to accelerating the commercialization of technologies. The organization has developed a robust ecosystem addressing the challenges of bringing products to market, providing access to capital collaborating with technology engaging with utilizing., accessing a vast incubator system, and access to facilities designed for optimal commercialization.
Media Contact
Dr. Khalid Saqr, ScienceWerx, Inc, 240-874-9379 x900915, khalid.saqr@sciencewerx.org
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SOURCE ScienceWerx, Inc
