Named after the landmark Dammam Well Number 7, the first commercial oil well in Saudi Arabia, the Innovation & Product Development Center (LAB7) is the venture building arm of Aramco. The Center partners with entrepreneurs to build products all the way to startup establishment and market entry. As a venture builder, LAB7 operating as an active partner throughout the innovation and product development journey. The Center unlocks the complementary resources required (e.g. expertise, materials, infrastructure, etc.), to jointly build and launch products alongside entrepreneurs and startup teams.
The Center aligns with Aramco’s broader commitment to finding efficient solutions that promote sustainable global development. Successful applicants qualify to have their projects onboarded, unlocking access to a full suite of technical, business, and support services allocated for their venture’s success.
soon.lab7.com.sa
Backed by Aramco, Wa’ed Ventures is the $500 million Kingdom-focused venture capital fund with the aim to accelerate the development of a full innovation ecosystem by: investing in tech-based startups, globalizing home-grown technologies, and localizing global pioneers to stimulate the emergence of a sustainable startup economy.
With a ticket size of up to $20 million per investment deal, and unrivaled support through Aramco, Wa’ed Ventures provides access to ecosystem resources, strategic partnerships, market intelligence, and a global network that drives the growth of companies as they cross markets and geographies.
Alongside making investments, Wa’ed Ventures also builds long-term partnerships with the startups it backs by providing post-investment support like mentorship and advisory services. Wa’ed provides its portfolio companies consultation sessions with industry experts, which covers topics like how to develop a comprehensive business plan to bring a new product or service to the market, financial advisory, and technology assessments to evaluate the effectiveness of technology in a startup. Wa’ed has also been playing an active role in supporting its startups identify and recruit talent through its partnerships with top tier recruitment agencies and universities.
www.waed.netAramco Ventures is the corporate venturing group of Aramco, the world’s leading fully integrated energy and chemical enterprise, with $7 billion assets under management. Headquartered in Dhahran with offices in North America, Europe and Asia, Aramco Ventures’ strategic venturing programs invest globally in start-up and high growth companies with technologies of strategic importance to its parent company, Aramco, primarily supporting its operational decarbonization, new lower-carbon fuels businesses, and digital transformation initiatives. Aramco Ventures also operates Prosperity7, the company’s disruptive investment program.
www.aramcoventures.com
As industries across the globe face increasing complexity and rapid technological change, the need for innovation has never been more critical. "TecShift Summit" focuses on the transformative power of cutting-edge technologies that are redefining traditional industries.
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