Muscat – June 7, 2023: Omantel, the leading provider of integrated telecommunication services in the Sultanate of Oman, has invested in byanat's Seed Funding Round to expand the provision of data analytics solutions through a software-as-a-service (SaaS) analytics platform for telecommunications operators and service providers. The funding round featured participation from 500 Global in collaboration with Sanabil Investments, an investment fund owned by the Public Investments Fund (PIF) in the Kingdom of Saudi Arabia, and Al Jabr MENA, a startup development and innovation firm. This funding is set to expedite byanat's technology and product development and enable entry into the Saudi market.
byanat is one of the tech companies that was incubated at Omantel Innovation Labs. The company aims to enhance infrastructure in the telecom, energy, and utilities sectors. Their SaaS analytics platform assists businesses in effectively scaling and maintaining connected infrastructure, by unifying communication management, device management, and data analytics.
Talal bin Said Al Mamari, CEO of Omantel, commented, “This historic investment partnership is an eloquent endorsement of the trust global investors have in Omani startups. It also reflects Omantel’s far-sighted vision towards innovation and technology. Omantel’s investment in byanat is driven by our confidence in its potential to revolutionize the technology industry, not just in Oman but worldwide. As we continue to focus on enhancing and growing our innovative services and infrastructure, we also place a high priority on empowering startups through various programs offered by Omantel Innovation Labs”.
Omantel Innovation Labs, Oman's innovation and entrepreneurship centre, fosters Omani tech startups and cultivates a thriving ecosystem. Their investment in byanat reaffirms their dedication to nurturing ground-breaking startups and reinforcing Oman's status as a regional leader in technology and innovation.
Ahmed Al Ghadani, CEO of byanat, commented, “With this milestone investment, our focus at byanat is firmly set on the future. We're committed to scaling our operations, expanding our product offerings, and reaching new markets, ensuring that we remain at the forefront of our industry." byanat has already made waves, won the Machine Learning Award in Data at Oman’s 2nd Big Data and Analytics Meet and being among the top 2% accepted into the 500 Global accelerator program in the MENA region.
Tariq Al Farsi, CEO of National Finance, said, “We at National Finance believe that BNPL is a convenient and attractive option for many smart devices’ buyers. We are therefore delighted to partner with Omantel and Thawani to put together a streamlined financing system that will bring relief and ease of payment for smart devices buyers. We look forward to a burgeoning relationship with Omantel.”
As digital infrastructure becomes more complex, the demand for advanced data analytics solutions grows. With Omantel's support, byanat's innovative platform is poised to tackle these challenges and deliver value.