SparkLabs Group raises a $50 million AI fund.

Philip Lee -

Seoul, South Korea - SparkLabs Group, a global accelerator and venture capital firm, has raised a $50 million fund focused on artificial intelligence (AI) startups worldwide. 

The fund, named "SparkLabs AIM AI," will invest up to $500,000 in each startup selected for the AIM-X accelerator program in Saudi Arabia.

The fund plans to invest up to $5 million per company in global Series A and B-stage AI startups. 

SparkLabs Group is leading the AIM-X accelerator program in Saudi Arabia, a key initiative in the country's push to become a global AI leader.

Ivan Grlich, co-founder of SparkLabs Saudi Arabia and AIM AI Fund, said, 

"SparkLabs Group's global network and investment track record, combined with Saudi Arabia's growing AI industry, are attracting significant attention from founders worldwide."

SparkLabs Group has invested in over 500 startups globally and has been investing in AI since 2016.