Today the Hashgraph Association (THA) announced a deal with the Ministry of Investment of Saudi Arabia (MISA) to launch a “DeepTech Venture Studio” in Riyadh. THA will commit $50 million and partner with MISA to find co-investors to bring the Studio’s budget to $250 million over five years.
The Swiss-based Hashgraph Association was founded through a grant from Hedera Hashgraph, which operates the layer 1 public DLT. THA aims to foster business growth and collaboration for the Hedera ecosystem.
In addition to web3 and DLT, the DeepTech Venture Studio will target AI, virtual reality, robotics and quantum computing.
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