Riyadh, September 11, 2024
Elm, a leading digital solutions company, announced signing a cooperation agreement with Fountech Labs. Through this partnership, both organizations will exchange expertise, provide consultancy services in research and innovation, and strengthen joint efforts in artificial intelligence (AI) technologies and applications, underscoring their shared commitment to advancing the future of AI and technology-driven solutions.
The agreement, marking a significant milestone in fostering innovation and collaboration, was signed by Dr. Nasser bin Zaid Al-Meshari, Vice President of Strategic Alliances and Partnerships at Elm, and Salvatore Minetti, CEO of Fountech Labs, on the sidelines of the third edition of the World Artificial Intelligence Summit, held at the King Abdulaziz International Convention Centre in Riyadh.
On this occasion, Majid bin Saad Al Arifi, Official Spokesman and Vice President of the Marketing Sector at Elm, remarked, "Our collaboration with Fountech Labs marks a significant leap forward for our network of alliances. It establishes a strong foundation for delivering joint services to our customers and unlocks exciting commercial opportunities for both Elm and Fountech Labs. By sharing knowledge, technologies, and data, we are accelerating digital transformation across Saudi Arabia. Committed to leading the charge in innovative and integrated digital services, we will continue to leverage our expertise in secure e-services, software solutions, technical connectivity, project management, and consultancy to drive growth across multiple sectors."
Meanwhile, Salvatore Minetti, Foundtech Labs, stated, "We are excited to join forces with Elm to make a significant impact on Saudi Arabia's digital landscape. By combining our expertise in customized digital services and artificial intelligence, we will accelerate innovation and drive the development of cutting-edge AI projects. This partnership aligns perfectly with our mission to foster collaborations that not only commercialize intellectual property but also drive organizational innovation, creating value for businesses and industries across the region."
The agreement focuses on the development of deep-tech and AI solutions aimed at enhancing business performance. It includes consultancy services in AI research, innovation, and intellectual property, including patents, as well as the implementation of additional mutually agreed-upon projects and services in these domains. Under the terms of the agreement, Elm and Fountech Labs will exchange technologies, expertise, and relevant proprietary information including data, documents, and materials.
This collaboration leverages Fountech Labs' role as a leading technology innovation lab, known for partnering with companies, research institutes, and government entities to launch and scale groundbreaking deep-tech projects. Through providing a self-activating incubator, Fountech Labs aims to foster a better future through innovative ideas and solutions.
This agreement is part of Elm's ongoing efforts to contribute to Saudi Arabia's digital transformation. By collaborating with specialized entities both locally and internationally, Elm is committed to delivering cutting-edge digital and smart services, supporting innovation and progress across key sectors.