Aramco ventures into lucrative start-up stakes as investment director distinguished

A leader in the company’s investment arm has been acknowledged in the corporate venture capital industry.

Daniel Carter, senior investment director with Saudi Aramco Energy Ventures (SAEV), was recognized by industry publication Global Corporate Venturing as among its top 50 emerging leaders of 2021.

Houston-based Carter leads a team responsible for growth equity and venture capital on behalf of the company’s investment arm.

SAEV, formed in 2012 with $500 million capital, is the company’s strategic technology venturing program and sister fund to Prosperity7, a new diversified growth venturing program.

The Portfolio Development and Transaction Execution organization, part of Corporate Development, has provided a glimpse into Aramco Ventures (AV) recent investment activities.

SAEV investments

SAEV has invested in Desktop Metal, developer of the world’s fastest 3-D printers. It is listed on the New York Stock Exchange and is valued at over $3.5 billion.

SAEV has also invested in 908 Devices, a developer of miniaturized mass spectrometers, which went public on the NASDAQ. The company is now valued at over $1 billion. 

SAEV closed three new investments in the final weeks of 2020 with the cooperation of company organizations.

SAEV is the company’s strategic technology venturing program and sister fund to Prosperity7, a new diversified growth venturing program.

One was in Corrosion Radar, a UK based developer of corrosion monitoring systems using a radar waveguide technique developed at Cranfield University. This investment was supported by the Process and Control Systems Department.

Another was in Specialty RTP Inc., a U.S. based manufacturer of low-cost non-metallic pipes tolerant to high temperature hydrocarbons, supported by the Consulting Services Department.

A third was in AttackIQ Inc., a U.S. based provider of cybersecurity software, which continuously tests systems settings to identify potential vulnerabilities, supported by the Information Protection Department. 

SAEV has also invested in three blockchain ventures: VAKT, an oil and gas trade settlement system; Data Gumbo, a smart contractor system; and Xage Security, an industrial equipment cybersecurity system. 

New Prosperity7

Prosperity7 invests in diversified, disruptive, and scalable ventures in the U.S. and China. The name derives from Dammam Well Number 7, “Prosperity,” the first to produce commercial quantities of oil. The program made its first three direct investments in 2020.

The first was in SiFive, a U.S. based provider of design tools, services, and semiconductor products using an open-source RISC-V instruction set developed at the University of California, Berkeley. 

Another was in Taulia, a U.S. based marketplace provider of working capital and supply chain financing which allows buyers to deal directly with vendors. 

The third was in Quicktron Robotics, a leading Chinese developer of AI enabled robots for warehouses, logistics, e-commerce, manufacturing, and pharmaceuticals.