Phaze Ventures Secures $40M+ for Two AI and Deeptech Funds

Trade documents give an AI company in Oman a starting point that travels with the cargo: knowledge of how a particular commercial relationship works. Phaze Ventures is financing that kind of ambition through a dedicated domestic fund while continuing to invest in AI and deeptech internationally. Its new platform puts those two investment jobs in separate vehicles, with different anchor backers behind them.

The Muscat-headquartered firm announced on October 28, 2026 that it had secured more than $40M in investor commitments across Phaze Ventures Fund II and Phaze Ventures Oman Fund. The combined fundraising target exceeds $75M, and discussions with investors continue. Fund II serves the global AI and deeptech mandate; the Oman Fund finances homegrown AI-enabled businesses.

A subsequent investment makes the domestic mandate easier to understand. On November 4, Phaze said its Oman Fund led Mamun's $3M Seed round alongside Jasoor Ventures, supporting trade-finance software expanding across Oman, the UAE and China. For founders building from a smaller home market, the useful relationship with an investor can extend into the commercial territory beyond it.

Two funds give the capital different assignments

Phaze Ventures Fund II is anchored by ITHCA Group, Ominvest and Oman LNG Development Foundation. Future Fund Oman anchors Phaze Ventures Oman Fund. Those relationships identify who is supporting each mandate, while leaving the amount assigned to each vehicle undisclosed.

That missing split matters when the combined fundraising number reaches a founder's desk. The $75M-plus target covers international and domestic investment activity together, and the announced commitments exceed $40M across both vehicles. Neither figure establishes a sum reserved entirely for Omani startups, and the announcement does not establish a final close. A prospective portfolio company still needs to determine which vehicle fits its business.

Oman Observer's October 28 reporting said more than $10M had already been invested across 10 companies through the new funds. That deployment figure describes a different stage of the financing relationship from an investor commitment. It should not be added to the commitments as extra money raised, or used to calculate remaining investable capital without information about expenses, reserves and fund terms.

For the manager, the two-vehicle arrangement provides a way to pursue distinct opportunities under the same institutional roof. Investors can examine a global technology mandate and a domestic business mandate separately. The commercial connections between them remain something the investment team must build company by company.

An Oman mandate can follow customers across borders

The Mamun investment announcement describes a company applying AI to trade-finance origination and underwriting. Mamun considers information about businesses, buyers, contracts, trade documents and trading histories, while investors on its platform finance transactions. The $3M is the total Seed round; Phaze's individual contribution was not disclosed.

This is a particularly tangible example of a homegrown AI-enabled business. The financing problem comes attached to goods moving between markets and obligations between parties. Software has to organize that information in a form useful to the people deciding whether a transaction can be financed.

Phaze describes Mamun operating across Muscat, Abu Dhabi and Hong Kong along the Greater Bay Area, Oman and UAE trade corridor. Its announcement also recognizes the work required across different banking systems, legal requirements and settlement processes. Regional experience can help a team understand the transaction, while expansion still demands relationships with institutions and counterparties elsewhere.

For an investor, that gives introductions a specific purpose. A connection with a prospective customer or financing partner may help a founder work through an actual route to market. The domestic fund's economic relevance can therefore be examined through the businesses it helps expand, alongside the location where those businesses began. Mamun gives readers one disclosed example to follow without requiring a prediction about the whole portfolio.

The global portfolio reaches several kinds of buyer

Phaze's current portfolio presentation spans markedly different operating environments. Arabic.AI develops Arabic-language enterprise AI infrastructure; Sully.ai applies agentic AI to clinical and administrative work; Andromeda Surgical develops AI-guided surgical robotics. Boardy.ai and Metal bring the portfolio into professional connections and fundraising workflows.

These companies place the investment team near buyers whose purchasing decisions have different demands. A healthcare institution assessing a workflow product, a business evaluating language technology and a founder organizing a capital raise each have a different definition of useful assistance. That variety gives substance to portfolio support while making broad claims about a single AI market less informative.

Phaze's published funding criteria describe an early-stage B2B AI and deeptech investor focused on the GCC and North America. The firm lists pre-seed through Series A as its usual stage range and $200K to $2M as its typical investment range. Those are firm-level guidelines, rather than disclosed allocation rules or guaranteed check sizes for the two newly announced vehicles.

Founders can use those criteria to prepare a more precise conversation about fit. A relevant pitch would connect the technology to a customer, a market and evidence of traction, rather than relying on the AI label to do the explaining. Phaze's intake page asks founders to describe those elements and explain why the firm would be the right partner.

Three founders carry the relationships into deployment

Founded in 2018, Phaze Ventures is led by Co-founder and CEO Abdullah Al Shaksy, with Co-founders and Partners Mohammed Al Wahaibi and Masoud Al Rawahi. The firm's current team page describes experience across investing, engineering, operations and entrepreneurship. Its geographic presence includes Muscat, Dubai and Riyadh.

In written responses reported by Oman Observer, Al Shaksy emphasized the importance of local anchor customers, investors and people able to open doors for Omani businesses expanding abroad. That is a useful way to read the new fund structure. Dedicated capital gives a local team an institution to approach, while the institution's commercial relationships can help shape where the company goes after the financing.

The public record still leaves the funds' individual sizes, institutional commitment amounts and domestic allocation unresolved. It also provides no basis for projecting returns or attributing future employment gains to the announced target. Those limits belong beside the capital figures, leaving the disclosed investments to carry the operating story.

At Mamun, the work already runs through a corridor connecting different commercial and financial systems. Phaze's Oman Fund has joined that journey with capital and a mandate rooted in the company's home market. The investor relationship now has places to go with the founders as they bring more buyers, financing partners and transactions into the business.