Saudi Arabia is backing a $900mn funding round in US video start-up Luma AI, as the Gulf state steps up efforts to become a global force in the development of artificial intelligence.
The deal, led by Humain, the AI-focused venture backed by the kingdom’s sovereign wealth fund, values Luma at more than $4bn, according to people close to the negotiations.
The deal will be announced in Washington at this week’s US-Saudi Investment Forum, led by Crown Prince Mohammed bin Salman as part of a number of new deals with US companies. Those follow a wave of tie-ups announced during Donald Trump’s visit to Riyadh in May.
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