Phaze Ventures launches $75M venture platform from Oman

Phaze Ventures unveiled two new funds targeting more than $75 million to back AI and deeptech startups globally and in Oman. The platform has secured over $40 million in commitments so far, with investors including ITHCA Group, Ominvest, Oman LNG Development Foundation and Future Fund Oman.

Why it matters: - Phaze Ventures is trying to give Oman-based and regional investors earlier access to AI and deeptech companies while the sector is still forming. - The two-fund structure splits capital between global deal flow and homegrown AI-enabled businesses in Oman. - The launch comes as Oman develops the International Financial Centre of Oman, which is meant to attract international companies and investors.

What happened: - Phaze Ventures announced two new venture funds on Oct. 28, 2026, in Muscat, Oman. - The platform is targeting more than $75 million. - Phaze Ventures Fund II is anchored by ITHCA Group, Ominvest and Oman LNG Development Foundation. - Phaze Ventures Oman Fund is anchored by Future Fund Oman. - The two-fund platform has secured more than $40 million in investor commitments. - Ongoing discussions are aimed at growing the platform to $75 million.

The details: - Phaze Ventures Fund II continues the firm’s global investment mandate in AI and deeptech. - Phaze Ventures Oman Fund is designed as a dedicated capital pool for AI-enabled startups founded in Oman. - The first 10 investments include Arabic.AI, Sully.ai, Andromeda Surgical, Boardy.ai and Metal. - Co-investors include a16z, 8VC, Standard Capital, Y Combinator and Baidu Ventures. - Phaze Ventures manages capital for more than 50 investors. - Those investors include sovereign entities, listed companies, corporates, family offices and business families across Oman, Saudi Arabia, Bahrain, India and other markets. - The firm’s team operates from Muscat, Dubai and Riyadh. - Founded in 2018, Phaze Ventures is Oman’s oldest private venture capital firm. - The firm is headquartered in Oman and also has a presence in Saudi Arabia and the UAE. - Phaze Ventures backs early-stage deeptech and AI companies with a focus on the GCC and North American markets.

Between the lines: - Phaze Ventures is positioning Oman as a launch point for venture capital, not just a source of passive capital. - The fund strategy reflects a broader push to capture value from foundational AI companies instead of only investing in infrastructure and public-market winners. - Backing companies such as Arabic.AI and Andromeda Surgical also signals that the firm wants exposure to both regional AI use cases and global frontier technology. - Abdullah Al Shaksy, co-founder and CEO of Phaze Ventures, said Oman and the Gulf need to invest in founders disrupting industries at home and globally, and do so early. - Masoud Al Rawahi, co-founder and partner at Phaze Ventures, said the firm backs founders who combine domain expertise with strong engineering and learn from real-world deployment.

What's next: - Phaze Ventures will continue fundraising as it works to bring the platform from more than $40 million in commitments to $75 million. - The firm is expected to keep deploying into AI and deeptech startups across the GCC and North America. - More investments from the Oman-focused fund are likely as the local startup ecosystem grows.

The bottom line: - Phaze Ventures is building a two-track venture platform that aims to make Oman a meaningful early-stage AI and deeptech investor, not just an observer.