Beta Lab, VC and co-creation studio, taps into global bioscience startups
Beta Lab, a VC and co-creation studio for startups, was officially launched in partnership with the Saudi Ministry of Investment, Future Investment Initiative Institute (FII), KBW Ventures, and a number of global partners including Berkeley Research Group, San Diego State University, Ukraine Unit City, and Epiphany. The studio will be dedicated to fostering the growth of deep technology startups from around the region and the globe.
The new studio will provide a range of services to help entrepreneurs turn their innovative ideas into successful businesses. These services include product development, business development, capital, and more. The studio's team of experienced professionals will work closely with each startup to help them navigate the unique challenges of the startup lifecycle.
"Beta Lab's launch is in line with the Kingdom's Vision 2030, which aims to diversify the economy and support the growth of innovative startups," said His Excellency, the Minister of Investment, Khalid Al-Falih. "We are confident that the studio's focus on deep technology will bring significant value to the Kingdom's startup ecosystem and help drive economic growth.”
Dr. Abdulrahman Alolayan, CEO at Beta Lab, is excited about the role the new co-creation studio will have in shaping the future of the startup ecosystem in Saudi and the region. Some of the deep technology startups they are looking at include AI, IoT, biotech & foodtech.
He said, “Deep tech has the potential to change the world in countless ways, and we believe that by providing the resources and support that these startups need, we can help them achieve their full potential. We will provide initial funding (pre seed to series A), deep dive analysis, co-development, as well as help to recruit a team and, for global startups, help with relocation and licensing.”
The studio aims to attract global founders, talent, and startups to Riyadh, and capitalize on the Kingdom's strategy to act as a regional hub for global talent, while fostering local potential with a homegrown launchpad.
Founder and CEO of KBW Ventures, HRH Prince Khaled bin Alwaleed bin Talal Al Saud, applauded the strong and ever-growing investment infrastructure in the country, and discussed his optimism for the new launchpad. As the region’s first venture capitalist to invest in deep technology startups globally, Prince Khaled will support Beta Lab’s cohorts with his considerable industry expertise and background in the sector.
The studio is currently accepting applications from entrepreneurs and startups from around the world.