Phaze Ventures launches two AI funds targeting over $75 million

Phaze Ventures has launched two AI funds aiming for more than $75 million. The Oman-based firm announced the vehicles in late October 2026, with more than $40 million in investor commitments secured so far. Phaze Ventures Fund II is anchored by ITHCA Group, a subsidiary of the Oman Investment Authority, along with Ominvest and the Oman LNG Development Foundation. It will invest in early-stage AI and deeptech companies in international markets. The second vehicle, Phaze Ventures Oman Fund, is anchored by Future Fund Oman and will focus on homegrown AI-enabled businesses in Oman. The firm said more than $10 million had already been invested across 10 companies through the new funds. Those investments include Arabic.AI , Sully.ai , Andromeda Surgical, Boardy.ai and Metal. Co-investors in the portfolio include a16z, 8VC, Standard Capital, Y Combinator and Baidu Ventures. Founded in 2018, Phaze Ventures describes itself as Oman’s first private venture capital firm. It invests in early-stage AI and deeptech companies with a focus on the GCC and North America. Co-founder and CEO Abdullah Al Shaksy said AI is the most disruptive technology shift of the generation and that the firm needs to invest in founders disrupting industries at home and across the globe. Co-founder and partner Masoud Al Rawahi said the firm backs founders who combine domain expertise with strong engineering. Phaze Ventures has not published the individual fundraising targets for the two funds or the amount allocated specifically to Omani startups. Those details would show the split of the more than $75 million target. The firm has not published the remaining capital still to be raised beyond the more than $40 million already committed or the expected timeline for final close. It has not published the ticket sizes or ownership stakes taken in the 10 companies already invested. For limited partners the practical change is access to two vehicles that separate global AI and deeptech investments from a dedicated pool for Omani AI-enabled businesses. The value depends on whether the firm reaches the more than $75 million target and whether the deployed capital produces measurable outcomes in the portfolio companies. The launch is framed as supporting Oman’s private sector development and does not include any announced secondary sale or partial exit by existing investors. Other regional firms have also raised AI-focused vehicles. Phaze Ventures pairs a global fund with a domestic fund and more than $40 million already committed. The firm has not published a comparison of its funds with other Gulf AI vehicles or the number of previous funds it has raised. The announcement does not list the specific investment criteria or the expected hold periods for the portfolio companies. Those details would show the operational starting points. Without them the funds remain a description of targets and anchors rather than a fully specified capital allocation. If Phaze Ventures publish the remaining capital raised, the split between the two funds and any follow-on investments within the next six months, the launch has a measurable follow-through. If the next update is only a restatement of the targets, the change for the market remains the same as the initial announcement. The figures missing are the individual fund sizes and the remaining capital to be raised.