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Thursday, June 20, 2024
Home News Fleet Aramco pumps money into AI heavy emissions firm Tenderd

Aramco pumps money into AI heavy emissions firm Tenderd

Platform provides customers with AI-generated insights to increase asset utilisation and reduce emissions in construction

Wa’ed Ventures, the Kingdom-based venture capital arm of Aramco, announced a strategic investment in Tenderd, a startup specialising in AI-enabled technologies for real-time emissions intelligence.

The platform provides customers with AI-generated insights to increase asset utilisation and reduce emissions, targeting heavy industries such as construction and logistics.

“Our investment in Tenderd reflects our commitment to addressing sustainability challenges
facing the industrial sector and providing solutions to decarbonise their operations,” said Fahad Alidi, Managing Director at Wa’ed Ventures.

“Tenderd brings transformational solutions to traditional capital-intensive industries such as energy, construction, and logistics sector by utilising AI-generated insights to increase asset opimisation and reduce emissions.”

Tenderd is backed by top investors, including Y Combinator, Peter Thiel, BECO Capital and
Dynamo Ventures. The investment from Wa’ed comes at a Ime when the world is demanding more sustainable pracIces from heavy industries. Tenderd is serving industries that constitute 40% of global GDP.

These companies spend $2 trillion annually operating capital equipment, but a lack of operational intelligence leads to only 50% utilisation, resulting in an excess of 1 billion tons of CO2 and $500 billion in costs each year.

Tenderd’s technology addresses these issues by providing companies with real-Ime insights to make better operational decisions. UlImately, this results in cost savings, beaer resource utilisation, and a smaller environmental footprint. Technologies offered by companies like Tenderd are increasingly becoming necessary for companies operaIng in Saudi Arabia’s new economic landscape, with a paramount focus on efficiency and sustainability.

“With Wa’ed Ventures investment, we will be able to evolve industrial operaIons and lead the charge towards a greener, more sustainable future” said Tenderd’s CEO, Arjun Mohan.

“Companies can leverage the power of our technology, to help them take the right steps toward increasing their operational intelligence and reducing their environmental footprint.”

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Stephen Whitehttps://truckandfleetme.com/
Stephen White was formerly editor of Big Project ME.
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