MARKET MOVEMENT
Accel-backed Jetapult invests in Saudi Arabia-based UMX gaming studio
Accel-backed Jetapult , a global strategic investment company in the gaming landscape , takes a major stake in UMX Studio , one of the first homegrown game development studios in Saudi Arabia in a multi-million-dollar all-cash transaction .
In addition to capital UMX Studio will get help to support the expansion of their existing portfolio , expand their audiences across global markets , and build games in new genres .
UMX Studio founded by Ali Alharbi in 2014 , develops high-quality mobile games featuring stunning graphics , engaging gameplay , and suitability for all ages . Their games have garnered over 70 million downloads till date , showcasing their competence in developing high-resonance Arabic content that reflects their culture and values .
( L – R ) Sharan Tulsiani , Jetapult ; Ali Aharbi , UMX Studio ; and Yash Baid , Jetapult
This is Jetapult ’ s first investment in the MENA region , with further investments planned in markets like South East Asia and Europe .
Speaking on the occasion , Sharan Tulsiani , Co-Founder and CEO of Jetapult said “ Jetapult ’ s investment in UMX goes beyond providing capital ; we bring a wealth of proven gaming expertise and cutting-edge technology to this partnership .”
The investment comes in the context of the exponential growth of the gaming and e-sports sector in the MENA region , and with the Saudi National Gaming and Esports entity aiming to make the country a global gaming hub by 2030 .
In 2023 , gaming revenues in the MENA were approximately $ 7.2 billion , with Saudi Arabia emerging as a key growth player . Saudi Arabia is home to 23.5 million gaming enthusiasts , which accounts for 67 % of its population , as per PWC in 2024 . Saudi Arabia represents 39 % of the Middle East ’ s gaming revenue from consumer spending and is the fastest-growing market in the region , according to Sensor Tower , 2024
Ali Alharbi , Founder UMX stated , “ This significant investment from Jetapult not only marks a milestone for UMX Studio but also heralds a new era for the Saudi Arabian gaming industry .”
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Dynex launches $ 50 million equity-based venture capital to attract strategic investors
Daniela Herrmann
Dynex , a provider of quantum computing solutions , announced its 10-year roadmap , outlining the company ’ s transition from emulated quantum computing to silicon quantum chips . The strategy positions Dynex at the forefront of the quantum industry , aiming to capture a 25 % quantum computing market share by 2034 . In parallel , Dynex has also kicked off a $ 50 million venture capital round to fuel its growth , targeting strategic top-tier industry players and venture capitalists .
From its proprietary DynexSolve algorithm – which has delivered efficient , decentralised quantum computations using GPUs , Dynex is now also making a pioneering leap into Silicon Quantum Chips , which will redefine the dynamics of quantum computing performance and reshape the competitive surroundings across all industries where Dynex will take on a role .
“ The future of computing is quantumcentric ,” said Daniela Herrmann , Co-founder of Dynex . “ Our 10-year roadmap is not just about advancing our emulation technology but also about transitioning to a quantum
chip ecosystem that will transform how industries tackle complex problems at scale . This roadmap , coupled with our $ 50 million capital infusion , positions Dynex to lead the global quantum computing market .”
To support its ambitious growth plan , Dynex is launching a $ 50 million venture capital round , with the goal of attracting strategic high-profile investors from both the technology and finance sectors . This round focuses on equity investments , allowing top-tier venture firms and industry partners to invest directly in Dynex ’ s vision .
“ This is a key moment for us ,” said Carsten Snedker , Global Head of Business Development at Dynex . “ The $ 50 million equity round will not only fund our technical expansion but will also help us establish strategic partnerships with key industry players , further positioning Dynex as a market provider in quantum computing .”
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