Oman's Phaze Ventures launches two AI funds targeting $75M+
Phaze Ventures, which calls itself Oman's oldest private VC firm, has secured more than $40M in commitments toward two new funds: one writing early cheques into global AI and deeptech companies alongside a16z and Y Combinator, the other reserved for AI-enabled businesses built in Oman.
Gulf capital has mostly reached AI through its largest doors: hyperscaler partnerships, data centres and public-market positions. Muscat-based Phaze Ventures is betting that the region's investors also want a seat at the seed stage.
The firm today announced two new vehicles targeting more than $75 million combined. It has secured over $40 million in commitments, with discussions under way to reach the full target, and has already deployed more than $10 million across 10 companies.
Abdullah Al Shaksy, co-founder and CEO of Phaze Ventures, told Newzchain:
“AI is now moving from hyperscalers and infrastructure into real-world impact, disrupting industries at an unprecedented pace. If the next generation of global companies is now taking shape, the region can’t afford to wait and play catch-up. We need to actively back founders at home and abroad early, and we need to do it now.”
One platform, two mandates
The platform splits capital by geography of the founder, not by sector. Both funds carry state-linked Omani anchors.
Phaze Ventures Fund II continues the firm's global AI and deeptech strategy, anchored by ITHCA Group (a subsidiary of Oman Investment Authority), Ominvest and Oman LNG Development Foundation. Phaze Ventures Oman Fund, anchored by Future Fund Oman, is a dedicated pool for homegrown AI-enabled businesses.
The launch lands as Oman builds the International Financial Centre of Oman, positioned as a new hub for international companies and investors.
The early portfolio reads like a US seed list
The new funds' first 10 investments include Arabic.AI, Sully.ai, Andromeda Surgical, Boardy.ai and Metal. Co-investors named across the portfolio include a16z, 8VC, Standard Capital, Y Combinator and Baidu Ventures.
Arabic.AI builds Arabic-language enterprise AI. In September 2026, it secured investment and an operating partnership from Saudi Arabia's HUMAIN, and it has also announced a partnership with Qualcomm Technologies on infrastructure-level optimisation.
Sully.ai, backed by Y Combinator, reports more than 37 million minutes returned to the healthcare workforce and adoption by health systems with over 20,000 clinicians. An NVIDIA case study this year credited its stack with a 90% cut in inference costs.
Andromeda Surgical, which is building AI-guided surgical robots, shows how Phaze follows on: the firm backed it at seed and has invested again since. The company raised a $15M Series A led by Standard Capital, announced in August 2026.
Phaze also joined the seed round of Metal, an AI fundraising platform, which was led by a16z Speedrun and Y Combinator.
Nick Damiano, co-founder and CEO of Andromeda Surgical, said:
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“Phaze Ventures didn’t shy away from a frontier problem like building the autonomous AI-guided future of robotic surgery. They recognised our team’s rare combination of medical and autonomy expertise, backed us early, and have been proactive in opening doors through their regional network.”
Nour Al Hassan, founder and CEO of Arabic.AI, said the firm “shared our ambition to build AI our region can own.”
The pitch to LPs: early stakes instead of catch-up
Phaze manages capital for more than 50 investors across three vehicles (Fund I, Fund II and the Oman Fund). They include sovereign entities, listed companies, corporates, family offices and business families across Oman, Saudi Arabia, Bahrain, India and beyond.
Mohammed Al Wahaibi, co-founder and partner, said:
“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.”
Founded in 2018 by Abdullah Al Shaksy, Mohammed Al Wahaibi and Masoud Al Rawahi, Phaze describes itself as Oman's oldest private venture capital firm.
It has backed 24 companies to date, three of which have been sold, and has team members in Muscat, Dubai and Riyadh. Its stated focus is early-stage deeptech and AI companies in the GCC and North American markets.
Al Shaksy frames the Oman base as an asset for both sides of the cap table. He told Newzchain:
“Phaze Ventures was built in Oman with global ambitions from day one. Our team has now expanded across the Gulf, and our global portfolio has created a two-way bridge that our founders and LPs can benefit from.”
What it means for the India–Gulf corridor
Gulf money is moving down-stage through specialist managers. Sovereign AI exposure in the region has largely come through large, direct bets.
Phaze offers state-linked LPs a different route: seed and Series A cheques written alongside a16z, YC and 8VC. If the fund fills to $75M, it is a signal that Gulf allocators want early-stage AI exposure intermediated by a local manager.
India sits on the LP side, not the investment side. Indian investors are named in Phaze's base, but the stated investment focus is the GCC and North America, and none of the highlighted portfolio companies is India-based.
Indian founders should not read this as an India fund. The plausible fit is an India-linked AI company with a US or GCC go-to-market.
The Oman Fund's definition of “homegrown” is the open question. A sovereign-anchored pool for AI businesses built in Oman could matter for Indian teams weighing a Gulf base, especially as the International Financial Centre of Oman takes shape.
Whether companies that relocate or set up in Oman qualify has not been addressed publicly.
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