Phaze Ventures and PDO Launch Cohort 3 of Startup Accelerator Partnership

On Wednesday January 27th, Petroleum Development Oman (PDO) and Phaze Ventures together launched the 3rd Cohort of their ground-breaking accelerator program.

The launch event, which was held virtually, saw upwards of 160 attendees including Raoul Restucci, Managing Director of Petroleum Development Oman, Haifa Khaifi, CEO fo Energy Development Oman, and Abdullah Al-Shaksy, Co-Founder & CEO of Phaze Ventures, as well as various senior industry executives and key ecosystem stakeholders.

The accelerator program, originally launched in 2018 as a partnership between Phaze Ventures and PDO, is a first of its kind for the region - built around rapid piloting and deployment of startup technologies from around the globe through corporate partnerships.

During the virtual event, startups from Cohort 1 and 2 gave updates of their progress and future plans since graduating from the accelerator program. Additionally, the 6 technology startups participating in Cohort 3 of the program were announced, with presentations from their founding teams on the ground breaking technologies they will be piloting in Oman in the coming months.

Speaking on the occasion, Abdul-Amir Al-Ajmi, Director of External Affairs and Value Creation at PDO, highlighted the importance of building a sound knowledge-based economy and entrepreneurship ecosystem for driving the Sultanate’s economy diversification journey “[this] is a crucial component of Oman 2040 vision; and for that, PDO is proud to be partnered with Phaze Ventures on maturing accelerator programs attracting innovative startups locally and from around the globe. It is always great working with young talent determined on shaping our Country’s bright future”

Also speaking on the occasion, Abdullah Al Shaksy, Co-Founder & CEO at Phaze Ventures highlighted that "the program has gone on to accelerate multiple technology breakthroughs in the sector, creating new business opportunities, building out key skills and capabilities within Oman, as well as helping enhancing key parts of PDO’s core business. Meanwhile, across Phaze Ventures portfolio, over 150 high-impact jobs have been created in Oman, with our local startups raising foreign direct investment and expanding their operational presence across the globe."

The challenges covered by the companies include software for data analytics, emissions monitoring, energy storage, logistics, financial risk management and portfolio management:

1. TagUp: is a predictive maintenance software based in New York that relies solely on data. It consolidates all equipment data in one place and uses machine learning to predict and prioritize inspections or maintenance to avoid unplanned downtime.

2. Green Mesa: is based in Calgary, Canada, and provides an alternative measurement solution using sensor-less measurement techniques to quantify greenhouse gas and toxic emissions from turbines and engines used in oil and gas, construction, marine vessels, and power industry. The of emissions monitoring solution can be deployed at scale across multiple assets.

3. RatedPower: is a Spanish cloud-based software solution that streamlines the design, feasibility study and engineering of utility-scale PV plants. The solution transforms traditional engineering through optimisation and automation of processes. They will be working on co-developing a similar solution for Energy Storage in collaboration with PDO.

4. Mamun: is a Omani startup and winner of the first OmanX challenge prize. The company uses data analytics and AI to solve a problem that faces a lot of SMEs in the market, which is: difficulty accessing credit; and delays in payment in their accounts payables as a result of the supply chain. Mamun’s solution therefore automates and facilitates the process of financial information exchange between the buyer, seller, and the financiers in order to optimize the payment processes for all stakeholders involved.

5. Cubex Global: is a Omani Startup which has created a platform that provides shipping companies with an opportunity to trade excess capacity of shipping containers, which uses a real-time blockchain-enabled online marketplace to optimize empty cargo space on any container heading to any destination.

6. Pyra: is an end-to-end deal management software solution, enabling funds to manage the whole process from deal sourcing, tracking to portfolio management. It consists of two products; Matcha, which streamlines the startups deal flow from lead generation and due diligence; and Mocha, which assists users in tracking and managing their portfolio or accelerated startups.

The finalists were selected from a total of over 1300 startups screened by Phaze Ventures. If you missed the launch event, you can watch the recording on our YouTube channel.