About Aramco Ventures
Aramco Ventures is a venture capital firm founded in 2012. It is primarily based out of Dhahran, Saudi Arabia. As of Sep 2026, Aramco Ventures is an active investor, having invested in 102 companies, with 10 new investments in the last 12 months. It primarily invests in Series A round in United States based startups. Its investments are spread across a wide range of sectors from Enterprise Applications to High Tech and Environment Tech. Most recently it participated in the $***** Seed round of Hang Ten Systems Overall, Aramco Ventures portfolio has seen 5 unicorns, 3 IPOs and 15 acquisitions including key companies like Upside, Xpansiv and Together AI. A lot of funds co-invest with Aramco Ventures, with names like Climate Investment sharing a substantial percentage of its portfolio. Aramco Ventures has team of 31 people including 12 partners.Key Metrics
Team Members
Portfolio Sectors
Portfolio Locations
Rounds of Entry
Series A, Series B & 5 more
Portfolio IPOs
Portfolio Unicorns
Portfolio Soonicorns
Deals in last 12 months
Aramco Ventures' List of Top Investments
Aramco Ventures has a portfolio of 102 companies, including 5 unicorns. Their most notable investments are in Andium and Parsable.Their portfolio spans across United States, United Kingdom, Norway and 9 more locations. They have invested in Enterprise Applications, High Tech, Environment Tech and 21 other sectors, across stages such as Series A, Series B and 5 more. Here is the list of top investments by Aramco Ventures:
1. Upside
Provider of digital platforms facilitating cash back for consumer purchases. This service enables individuals to receive financial rebates on transactions made at participating retailers. Users link payment cards to the application to track spending and claim rewards on eligible transactions. The system processes these rebates for transfer to bank accounts or conversion into retail gift cards.
Key facts about Upside
- Founded Year: 2016
- Location: Washington, DC (United States)
- Valuation: $*****
- Stage: Series D
- Total Funding till date: $250M
- Employee Count: 428 as on Sep 30, 2026
- Investors: Capital One Ventures, DCVC and 17 Others
- Latest Funding Round: Series D, Apr 26, 2022, $*****
- Highlight: Editors' Pick
2. Xpansiv
Offsets and renewable energy marketplace. Xpansiv is the world’s liquidity hub for ESG commodities such as carbon offsets, Renewable Energy Certificates (RECs), differentiated fuels, among others, providing a centralized platform for buyers and sellers to fulfill their ESG commitments.
Key facts about Xpansiv
- Founded Year: 2016
- Location: San Francisco (United States)
- Valuation: $*****
- Stage: Series D
- Total Funding till date: $712M
- Employee Count: 267 as on Aug 31, 2026
- Investors: Goldman Sachs, Vitruvian Partners and 25 Others
- Latest Funding Round: Series D, Jan 11, 2023, $*****
- Highlight: Editors' Pick
3. Together AI
Provider of a platform for developing, fine-tuning, and deploying AI models. The platform offers tools for model evaluation, code execution, and finding appropriate models for specific use cases. It provides access to GPU cloud services, including instant and reserved clusters. The platform supports model training, inference, and pre-training.
Key facts about Together AI
- Founded Year: 2022
- Location: San Francisco (United States)
- Valuation: $*****
- Stage: Series C
- Total Funding till date: $1.33B
- Employee Count: 445 as on Sep 30, 2026
- Investors: Emergence Capital, Salesforce Ventures and 34 Others
- Latest Funding Round: Series C, Jul 01, 2026, $*****
- Highlight: Editors' Pick
4. Dragos
Provider of cybersecurity solutions and intelligence for industrial control systems. The company delivers a platform providing asset visibility, vulnerability management, and threat detection. Services include cyber assessments, incident response, and proactive threat hunting. The firm offers threat intelligence reports, whitepapers, and solution briefs.
Key facts about Dragos
- Founded Year: 2016
- Location: Hanover (United States)
- Last Known Valuation: $*****
- Stage: Acquired
- Total Funding till date: $439M
- Employee Count: 848 as on Sep 30, 2026
- Investors: Fabrica Ventures, BYU Cougar Capital and 29 Others
- Latest Funding Round: Series D, Sep 18, 2023, $*****
- Highlight: Acquired
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5. Form Energy
Clean energy technology platform developing long-duration iron-air battery systems. It develops advanced battery solutions capable of storing electricity for multiple days, helping balance energy supply and demand during periods of high stress or renewable energy intermittency. It is designed to support the transition to a cleaner and more resilient electric grid by enabling greater integration of renewable energy sources such as wind and solar. Its technology centers on cost-effective, scalable battery systems built for long-duration storage applications, addressing critical gaps in traditional short-duration energy storage solutions.
Key facts about Form Energy
- Founded Year: 2017
- Location: Somerville (United States)
- Valuation: $*****
- Stage: Series G
- Total Funding till date: $2B
- Employee Count: 902 as on Sep 30, 2026
- Investors: T. Rowe Price, GIC and 45 Others
- Latest Funding Round: Conventional Debt, Sep 21, 2026, $*****
- Highlight: Editors' Pick
Aramco Ventures' Year-on-Year Investment Trends
Aramco Ventures has invested in 102 companies over the last 13 years, with an average of 7 new investments annually in the last 10 years. In 2025, it made 7 investments, while as of Sep 2026, it has made 11 investments in this year. Its most recent first time investment was in Twin1 AI and most recent follow-on round was in Hang Ten Systems.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 9 | 2 | 11 |
2025 | 4 | 3 | 7 |
2024 | 7 | 5 | 12 |
2023 | 11 | 3 | 14 |
2022 | 9 | 4 | 13 |
2021 | 7 | 5 | 12 |
2020 | 2 | 4 | 6 |
2019 | 5 | 1 | 6 |
2018 | 7 | 2 | 9 |
2017 | 4 | 2 | 6 |
Aramco Ventures' Investments by Stage
Aramco Ventures has made 39 investments in Series A stage with an average round size of $24M, 20 investments in Series B stage with an average round size of $30.7M and 11 investments in Series C stage with an average round size of $138M.Stage of entry | No. of Investments |
|---|---|
Series A | 39 |
Series B | 20 |
Series C | 11 |
Seed | 9 |
Series D | 3 |
Others | 2 |
Note: We have considered here, only first round of investments
Aramco Ventures' Investments by Sector
Aramco Ventures has a diverse portfolio, with companies operating in the High Tech, Enterprise Applications, Energy Tech, Environment Tech and Sustainability Tech. Notably, it has invested in 90 Enterprise (B2B) companies, 84 Tech companies, 43 Software companies and at least 25 companies focusing on Tech hardware.Sector | No. of Investments |
|---|---|
High Tech | 38 |
Enterprise Applications | 34 |
Energy Tech | 27 |
Environment Tech | 27 |
Sustainability Tech | 27 |
Others | 68 |
Note: We have considered here, only first round of investments
Aramco Ventures' Investments by Geography
Aramco Ventures has made most investments in United States (49), followed by United Kingdom where it has made 13 investments.Country | No. of Investments |
|---|---|
United States | 49 |
United Kingdom | 13 |
Norway | 6 |
Germany | 4 |
China | 3 |
Others | 9 |
Note: We have considered here, only first round of investments
Aramco Ventures' recent investments
Aramco Ventures has made 11 investments in 2026 so far. Hang Ten Systems and Twin1 AI are the latest among them.Here are the most recent investments by Aramco Ventures:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Sep 16, 2026 | United States | Seed | 3962 | [+4] | |
Aug 20, 2026 | United States | Seed | 3689 | ||
Aug 05, 2026 | India | Series A | 2270 | [+3] | |
Jul 17, 2026 | United States | Series A | 3429 | [+23] | |
Jul 01, 2026 | United States | Series C | 4376 | [+11] |
Unicorns in Aramco Ventures' Portfolio
Aramco Ventures has 5 unicorns in its portfolio - Emerald, Together AI, Form Energy and others. The most recent unicorn in their portfolio is Emerald. It became a unicorn in 2026.Here is a list of unicorns in Aramco Ventures' portfolio:
Tracxn Score | Company | Short Description | Founded year | Sector | Location | Company Stage | First Investment/ Acquisition Details |
|---|---|---|---|---|---|---|---|
64 | Developer of a platform optimizing power grids and artificial intelligence infrastructure | 2024 | Washington, DC | Series A | mnqbezh | ||
75 | Provider of a platform for developing, fine-tuning, and deploying AI models | 2022 | San Francisco | Series C | rsgpral | ||
71 | Clean energy technology platform developing long-duration iron-air battery systems | 2017 | Somerville | Series G | amxuw{g | ||
77 | Offsets and renewable energy marketplace | 2016 | San Francisco | Series D | qpqiiao | ||
79 | Provider of digital platforms facilitating cash back for consumer purchases | 2016 | Washington, DC | Series D | {zhkktk |
IPOs and Publicly Listed companies in Aramco Ventures' Portfolio
3 of Aramco Ventures' portfolio companies have become public. Energy Vault got listed on the New York Stock Exchange (NYSE), in Apr 2021 and 908 Devices got listed on the National Association of Securities Dealers Automated Quotations (NASDAQ) at marketcap of $524M.Here are Aramco Ventures' portfolio companies that went public:
Company | IPO Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Apr 01, 2021 | Jun 02, 2021 | Post IPO | 7155 | |
Dec 18, 2020 | May 06, 2015 | Series C | 8428 | |
- | - | - | 9934 |
Acquired companies in Aramco Ventures' Portfolio
15 companies from Aramco Ventures' portfolio have been acquired. The most recent acquisition was Dragos in Jun 2026 by Accenture for $*****.Here are Aramco Ventures' portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Jun 18, 2026 | Dec 08, 2020 | Series C | 2285 | |
Apr 01, 2026 | Apr 09, 2013 | Series A | 7908 | |
Jul 28, 2025 | Mar 08, 2019 | Series A | 7530 | |
Sep 26, 2024 | Aug 20, 2014 | Series A | 8733 | |
Jul 02, 2024 | Apr 25, 2016 | Series B | 2527 |
Team profile of Aramco Ventures
Aramco Ventures has a team of 31 members including 12 Partners and 12 Principals located in Saudi Arabia, United States and 4 more locations. Aramco Ventures' team does not sit on the board of any company as of now.Here is a list of top team members in Aramco Ventures:
Name | Designation | Location | Board Memberships | Contact Details |
|---|---|---|---|---|
Partner | Houston | - | ||
Partner | United States | - | - | |
Partner | Boston | - | ||
Partner | Saudi Arabia | - | - | |
Partner | United Kingdom | - | - | |
Partner | Chaoyang | - | - | |
Partner | Dhahran | - | - | |
Partner | Dhahran | - | ||
Partner | Saudi Arabia | - | ||
Partner | Dhahran | - | ||
Partner | Saudi Arabia | - |
Co-investors of Aramco Ventures
Over the past 13 years, 640 investors have co-invested in Aramco Ventures's portfolio companies. This includes funds and angels.
- Invested before Aramco Ventures: OSTI, Energy Impact Partners and 281 others have invested in rounds before Aramco Ventures. There are 6 companies where OSTI has invested before Aramco Ventures and 5 companies where Energy Impact Partners has invested before Aramco Ventures.
- Top Co-investors of Aramco Ventures: 177 investors entered a company along with Aramco Ventures. These include investors like Climate Investment (3 companies).
- Invested after Aramco Ventures: A total of 180 investors have invested in Aramco Ventures's portfolio after their investments. Top Investors include OSTI (4 companies), Europa (3 companies) and Mitsubishi (3 companies).
Recent News related to Aramco Ventures
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BRKZ Secures $31M Funding to Scale AI-Enabled Building Materials ProcurementStartupHub.ai•Sep 14, 2026•BRKZ, 500 Global, Stride Ventures, Wa'ed Ventures and 2 others
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DeepCtrls Completes Series B+ Financing Led by CATL with Investment from Aramco VenturesPR Newswire•Sep 10, 2026•Deep Intelligent Control, Aramco Ventures, Contemporary Amperex Technology
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Twin1 Raises $20 Million Seed Funding for AI Digital Twins for LawyersArtificial Lawyer•Aug 20, 2026•Bessemer Venture Partners, Tribeca Venture Partners, Aramco Ventures
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Mitti Labs Raises $9.5 Million for Water Resilience Tech in Asia's Rice FieldsThe Tribune•Aug 05, 2026•Mitti Labs, Aramco Ventures
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Together AI Secures $800 Million in Series C Funding to Scale Open-Source AI ModelsPYMNTS.com•Jul 02, 2026•Together AI, Aramco Ventures, Vista Equity Partners, Nvidia and 1 other
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Hang Ten Systems Raises $32 Million in Seed Funding Led by Mayfieldsvdaily.com•Jun 25, 2026•Mayfield, Aramco Ventures, Aramco, Together AI and 2 others
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Via Separations Raises $36 Million to Deploy Commercial Projects, Expand into Refining and Chemicals Marketsintelligence360•Apr 14, 2026•Via Separations, Aramco Ventures
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Via Separations Raises $36M in New FundingFinSMEs•Apr 01, 2026•Climate Investment, Via Separations, Aramco Ventures, Grantham Foundation and 6 others
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Saipem Awarded $500 Million Contract by AramcoOedigital•Feb 24, 2026•Aramco, Saipem, Aramco Ventures
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Aramco Ventures leads $4.5 million strategic round in BarbaraEl Referente•Feb 23, 2026•Criteria Venture Tech, Barbara, Aramco Ventures
