- Firm sets sights on transforming KSA’s workforce with AI-driven strategy
CAIRO: As artificial intelligence continues to revolutionize industries globally, Saudi Arabia has emerged as a regional powerhouse in this domain with major global tech companies increasingly viewing the Kingdom’s market as a pivotal element for their worldwide operations.
Disprz, a front-runner in skilling and talent development based in India, is setting its sights on transforming Saudi Arabia’s workforce. Leveraging its new AI-powered strategy, the company aims to make a significant impact on the Kingdom’s labor market.
In an interview with Arab News, Subbu Viswanathan, co-founder and CEO of Disprz, shed light on the company’s ambitious future plans.
He revealed that Disprz aims to establish itself as a global leader in workforce development, using Saudi Arabia as a pivotal launchpad.
After successfully raising $30 million in a Series C funding round in August, Viswanathan said Disprz is well-positioned to pursue global expansion, with a particular focus on the Saudi Arabian market.
The CEO of the corporate learning and skilling SaaS startup expressed his eagerness to build upon an already established customer base in the region.
“One of the markets that we are particularly keen on expanding in is Saudi Arabia. We already have a good set of customers but now we want to amplify it,” Viswanathan said.
He noted that the company is already collaborating with key enterprises in Saudi Arabia, including NEOM, SRMG, and Tawuniya Insurance, among others.
The goal is to adapt Disprz’s global products to align with the specific cultural and business needs of Saudi Arabia, Viswanathan explained.
This glocalization strategy aims to combine the company’s global expertise in workforce development with a deep understanding of local demands.
Viswanathan also provided some metrics to underline the company’s regional ambitions.
One of the markets that we are particularly keen on expanding in is Saudi Arabia. We already have a good set of customers but now we want to amplify it.
Subbu Viswanathan, Co-founder and CEO of Disprz
“We currently serve around 350 global customers, including a dozen from Saudi Arabia and 70 from the broader Middle East. Our goal is to expand our Middle East customer base to 500 within the next three years, with the majority originating from the Kingdom.”
Additionally, Viswanathan stated that the company aims to have 1,500 clients globally by 2026.
The company employs AI to pinpoint the specific skills required for each role within an organization.
This goes hand-in-hand with a comprehensive assessment of frontline workers followed by tailored training programs.
These AI-driven initiatives are designed to equip employees with the necessary skill sets for career advancement and to meet evolving industry demands.
“We are in the business of providing platforms to companies to help them solve the problem of skilling their workforce for the jobs of today and tomorrow. And our mission statement is very simple. It is to enable every person at work, to advance at work and life through the best science and technology,” Viswanathan explained.
He outlined that the company’s primary target market compromises any enterprise that has over 300 employees.
Moreover, Disprz is targeting the integration of generative AI across its entire product suite, with the first beta version slated for a September release.
“We are on a strategic path to escalate our annual revenue from $10 million to $100 million. With a consistent annual growth rate of 100 percent, we project to achieve profitability by the second half of 2024,” the executive stated.
FASTFACT
After successfully raising $30 million in a Series C funding round in August, Disprz is well-positioned to pursue global expansion, with a particular focus on the Saudi Arabian market.
He elaborated that the company’s path to profitability is predicated on substantial growth in Middle Eastern markets, particularly in Saudi Arabia.
“The Saudi Arabian government is heavily investing in making the country a top destination in tourism, technology, and entrepreneurship,” Viswanathan stated.
“We believe that we can be a key element in boosting the Kingdom’s transformation by getting the workforce ready for the challenges of the future. The world is changing very fast, we can help make the workforce ready for any disruptions,” he added.
Viswanathan also revealed that Disprz is actively seeking partnerships with Saudi government institutions to bolster economic growth.
“I do believe that Saudi Arabia is one of the growth engines of the world. If I were to name the top three economies that will attract significant investments in the future, Saudi Arabia will be on top of the list, followed by India and Indonesia,” he added.
By aligning itself with public sector goals, the company aims to become the go-to upskilling platform for Saudi nationals. Such collaborations would not only enhance the skill levels among the local population but also contribute to achieving the milestones laid out in the Kingdom’s Vision 2030.
Viswanathan expressed optimism about Saudi Arabia’s growing AI landscape, stating that the Kingdom has the potential to “leapfrog” more established technologies like information systems, and go directly to adopting AI solutions at scale.
The CEO disclosed that while the company’s regional headquarters is presently situated in Dubai, plans are underway to establish an office in Saudi Arabia.
“We are actively seeking a joint venture partner to facilitate the opening of a local office,” he stated.
Viswanathan also indicated that should plans proceed favorably, there is potential for relocating the company’s regional headquarters to the Kingdom.
Founded in 2015, Disprz managed to secure around $50 million in funding across four rounds while attracting notable investors like Lumos Capital, 360 ONE Asset, Kae Capital, KOIS, and Dallas Venture Capital.
Disprz currently has around 350 employees across its offices and aims to reach 400 headcounts.
Source: Arab News
