Aramco, Saudi Telecom Join Sequoia in Backing US-Based Graphiant

The venture capital arms of Saudi Arabia’s oil and telecom giants have invested in US tech startup Graphiant Inc. as the kingdom seeks to drive innovation and develop its digital economy.

Saudi Aramco’s Wa’ed Ventures and Saudi Telecom Co.’s Tali Ventures put up a combined $19 million in the network connectivity firm, expanding on investments already secured in a $102 million funding round by others including Sequoia Capital, according to a statement.

STC’s Tali Ventures injected $10 million as part of the capital raise, taking its investments to $50 million since its inception a year ago, the ...