Graphite, a network-as-a-service (NaaS) company, has completed a $19 million joint investment round. The round was led by Wa’ed, backed by Aramco and Tally Ventures, the investment arm of the STC group. This investment is part of a larger Series B funding round worth $102 million.
Several global venture capital firms joined the investment round, including Sequoia Capital, Two Bear Capital, and IAG Capital Partners.
Graphite will set up a regional headquarters in Riyadh as part of the investment deal. This move supports Saudi Arabia’s goal to become a center for new technologies and aligns with Wa’ed Ventures’ strategy to bring advanced global tech to the region.
Graphiant was founded in 2020 by Khaled Reza. It provides a network-as-a-service platform that helps businesses connect securely across different cloud systems and networks. The company holds over 13 patents, and major companies like Sony Pictures and Valmont use its technology.
The global network-as-a-service (NaaS) market is expected to grow to $92 billion by 2030, mainly because more businesses need flexible, ready-to-use network solutions to support artificial intelligence.
Read more- VUZ Secures $12 Million in Pre-Series C Investment Round
