SparkLabs, a well-known venture capital firm, has announced the closure of its $500 million AIM AI Fund, aimed at supporting global AI startups. This fund will be used for its own AIM-X accelerator project in Saudi Arabia as well as other AI projects worldwide. This initiative reflects the significant trend in the AI sector, particularly the rise of generative AI, which has attracted numerous startups and investors. SparkLabs' accelerator program aims to drive the development of AI technology in Saudi Arabia over the next five years while also reflecting the number of global AI startups.