Phaze Ventures Launches Two AI and Deeptech Funds Targeting Over $75 Million

Oman-headquartered Phaze Ventures has launched two new venture funds targeting over $75 million combined. The platform splits the capital between a global AI and deeptech mandate and a dedicated pool for homegrown Omani businesses.

The launch was announced from Muscat on 28 October 2026. Phaze Ventures, founded in 2018, describes itself as Oman’s oldest private venture capital firm, with team members in Muscat, Dubai and Riyadh.

Phaze Ventures co-founder Masoud Al Rawahi announced the funds on LinkedIn on 28 October 2026.

Two funds, two mandates

Phaze Ventures Fund II continues the firm’s global investment mandate in AI and deeptech. It is anchored by ITHCA Group, a subsidiary of the Oman Investment Authority, alongside Ominvest and the Oman LNG Development Foundation.

Phaze Ventures Oman Fund establishes a dedicated capital pool for homegrown AI-enabled businesses. It is anchored by Future Fund Oman.

What is committed so far

The two-fund platform has secured over $40 million in investor commitments so far. Discussions are ongoing to grow the funds to the $75 million target, so the target is not yet a closed total.

The funds have already deployed over $10 million across their first 10 investments. That early deployment matters, because it shows the platform is investing while it is still fundraising, rather than waiting for a final close.

Co-investors across those first investments include a16z, 8VC, Standard Capital, Y Combinator and Baidu Ventures. Phaze Ventures manages capital for over 50 investors, including sovereign entities, listed companies, corporates, family offices and business families across Oman, Saudi Arabia, Bahrain, India and beyond.

We back founders who combine domain expertise with strong engineering and learn from every real-world deployment.

Masoud Al Rawahi, Co-founder and Partner at Phaze Ventures.

The first ten bets

The named first investments are Arabic.AI, Sully.ai, Andromeda Surgical, Boardy.ai and Metal, alongside five further companies the firm has not named. Arabic.AI develops Arabic-language enterprise AI, and the firm points to its investment from Saudi Arabia’s HUMAIN and a partnership with Qualcomm Technologies.

Sully.ai applies AI to healthcare workflows, and Phaze Ventures cites an NVIDIA case study showing a 90 percent reduction in inference costs and a 65 percent improvement in response times for medical workflows. Andromeda Surgical, which is building AI-guided robotic surgery, was backed by Phaze Ventures before its $15 million Series A led by Standard Capital.

Metal, an AI fundraising platform, was backed in its seed round alongside Y Combinator and a16z. Boardy.ai, which uses AI to connect founders with investors, customers and talent, completes the named set, and the firm has not disclosed how the $40 million in commitments or the $10 million deployed splits between the two funds.

Investors across Oman and the Gulf want a stake in the next generation of AI companies while they are still taking shape. This platform is our answer.

Mohammed Al Wahaibi, Co-founder and Partner at Phaze Ventures.

A target is not a close

The careful reading of this announcement is in the gap between its three numbers. The $75 million figure is a target, the $40 million figure is what is committed, and the $10 million figure is what is already deployed, which leaves about $35 million still to raise and an undisclosed split between the global fund and the Oman fund.

That structure is also the strategy. Fund II lets Gulf capital reach global AI and deeptech founders early, while the Oman Fund keeps a dedicated pool for founders building at home, and the announcement comes as Oman builds the International Financial Centre of Oman, a new hub for international companies and investors.

Phaze Ventures is led by co-founders Abdullah Al Shaksy, its chief executive, Mohammed Al Wahaibi and Masoud Al Rawahi, both partners. For Oman’s startup ecosystem, the test of this platform will not be the target figure, but whether the Oman Fund converts its dedicated pool into homegrown companies that can compete beyond Oman.