Phaze Ventures targets over $75M via two AI and deeptech funds

By Amara Osei

Phaze Ventures has secured more than $40 million in commitments toward two new AI and deeptech funds targeting more than $75 million in combined capital, CairoScene reported on Nov. 1, 2026. The Oman-headquartered venture capital firm launched Phaze Ventures Fund II and Phaze Ventures Oman Fund as separate vehicles for early-stage technology investing.

The vehicles divide the firm’s mandate into global early-stage investing and a locally focused strategy. According to CairoScene, Phaze Ventures Fund II continues the firm’s early-stage AI and deeptech strategy, while Phaze Ventures Oman Fund targets AI-enabled companies operating in Oman.

• Phaze Ventures Fund II: Global early-stage AI and deeptech strategy; ITHCA Group, Ominvest and Oman LNG Development Foundation serve as institutional backers.
• Phaze Ventures Oman Fund: Dedicated vehicle for AI-enabled companies operating in Oman; Future Fund Oman anchors the fund.

The backers CairoScene identified give each vehicle a distinct sponsorship base. Fund II has three named institutional backers, while the Oman fund has one disclosed anchor. CairoScene did not disclose how much each backer committed or how the more than $40 million in commitments divides between the two vehicles.

What do the two funds back?

CairoScene placed the global mandate within Phaze’s existing footprint across the GCC and North America. The Oman vehicle concentrates its portfolio on AI-enabled companies operating in Oman and carries Future Fund Oman as anchor. Together, the two funds give the firm separate geographic remits under one early-stage technology strategy.

That separation creates two different fundraising propositions. Fund II draws on a named institutional syndicate for cross-border investing, while Phaze Ventures Oman Fund pairs an Oman mandate with an Oman anchor. Phaze’s footprint—Muscat, Dubai and Riyadh—gives the firm operating access to the GCC as Gulf AI and advanced-technology investment expands.

Phaze Ventures was founded in 2018 by Abdullah Al Shaksy, Mohammed Al Wahaibi and Masoud Al Rawahi, CairoScene said. Its team operates from Muscat, Dubai and Riyadh, and the firm invests across the GCC and North America. The Oman fund adds a dedicated local vehicle to that established cross-border footprint rather than replacing it.

The launch also lands as Oman expands its financial and technology ecosystem, including work on the International Financial Centre of Oman. CairoScene placed the timing against continued growth in Gulf investment in artificial intelligence and advanced technologies. That environment gives the new funds a supportive policy and market backdrop, but the source offered no projection for deployment pace or returns.

What does Phaze’s investment record show?

CairoScene reported that Phaze has completed 10 investments across the two funds. It named five portfolio companies:

• Arabic.AI
• Sully.ai
• Andromeda Surgical
• Boardy.ai
• Metal

The 10 investments provide a partial view of deployment, not a full measure of the funds’ scale. CairoScene did not break out how many relate to each vehicle, when the investments closed or how much capital went into each company. Without a fund-by-fund split, the combined portfolio count leaves the balance between the global and Oman mandates unresolved.

Phaze also manages capital for more than 50 investors, according to CairoScene. Those backers include sovereign entities, corporations, family offices and other institutional backers. The breadth gives the firm a pool of institutional relationships behind the new vehicles, although the source did not identify any commitments beyond the four named backers.

What remains undisclosed?

CairoScene said Phaze has not disclosed individual fundraising targets for either fund. The firm also withheld final closing dates and the total capital already deployed. The more than $40 million in commitments is therefore the only quantified measure of progress toward the combined target of more than $75 million.

The gaps leave several basic questions open. Investors cannot determine how much each vehicle must raise, how much of the committed money belongs to each, or how quickly Phaze expects to put it to work. The sponsor lineup establishes structure, but not relative scale or deployment pace.

The commitments also sharpen the gap between ambition and disclosure. The headline target exceeds $75 million, yet no individual target or closing schedule sets a milestone for either vehicle. Phaze has identified its anchor and institutional backers, but the timetable for turning those relationships into deployed investment capital remains unstated.

The next hard datapoints are each vehicle’s final close and the amount of capital actually deployed. Phaze has disclosed neither timing nor total deployment, so the two funds remain defined by a $75 million-plus target, $40 million-plus in commitments and an institutional sponsor lineup.