In an unprecedented move accelerating the drive for sustainability, Wa’ed Ventures, the venture capital arm of Aramco, has strategically invested in AI-forward startup Tenderd. Specializing in decarbonizing construction and logistics operations, Tenderd’s innovative platform offers AI-driven insights that optimize asset use and reduce emissions. This critical partnership targets sectors that constitute 40% of global GDP, heralding a seismic shift towards environmentally responsible practices.
SAN FRANCISCO, July 18, 2023 /PRNewswire-PRWeb/ — Wa’ed Ventures, the Kingdom-based venture capital arm of Aramco, announced a strategic investment in Tenderd, a startup specializing in AI-enabled technologies for real-time emissions intelligence. The platform provides customers with AI-generated insights to increase asset utilization 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 decarbonize 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 utilizing AI-generated insights to increase asset optimization 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 time when the world is demanding more sustainable practices 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% utilization, 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-time insights to make better operational decisions. Ultimately, this results in cost savings, better resource utilization, and a smaller environmental footprint. Technologies offered by companies like Tenderd are increasingly becoming necessary for companies operating 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 operations 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.”
_____
About Tenderd
Tenderd is a technology startup that is empowering sustainable operations with smart coordination. Their platform is powered by proprietary AI models and a combination of IoT sensors, making it the world’s most integrated platform for managing industrial assets. To learn more visit: www.tenderd.com
Media Contact: Ronalyn Bonilla, +971 50 182 2325, ronalyn@tenderd.com
About WAED Ventures
WAED Ventures is a $500 million institutional venture capital firm wholly owned by Saudi Aramco to promote economic diversification and new business growth in the Kingdom by investing in high-growth tech startups across multiple sectors. Established in 2013, Wa’ed Ventures manages a portfolio of 50+ startups, providing end-to-end support to startups from funding to providing access to partner resources. The company is located in the city of Dhahran, Saudi Arabia. For more information, please visit: www.waed.net
Media Contact: Nagham Aleithan, +966 55 503 7134, nagham.aleithan@waed.net
Pull Quote
“With Wa’ed Ventures investment, Tenderd will be able to evolve industrial operations and lead the charge towards a greener, more sustainable future”
Media Contact
Ronalyn Bonilla, Tenderd, 971 501822325, ronalyn@tenderd.com, www.tenderd.com
SOURCE Tenderd
