UAE-based Derq secures $500K Pre-Series A investment
Derq a Detroit and Dubai-based startup, has finalized a $500K investment from Wadi Makkah Ventures as part of a Pre-Series A round that included several other global tech investors. The investment, made in December 2020, brings the total funds raised by the company to nearly $6M to date. Derq is an MIT-spinoff and AI platform for video analytics powering the future of roads for the safe and efficient movement of road users and autonomous vehicles.
The startup has built an award-winning platform powered by patented AI technologies and predictive analytics helping eliminate crashes, save lives, and create safer and smarter roadways. Derq has live deployments in the USA, Europe, and the UAE, with forward thinking cities and states, including Michigan, Ohio, Nevada and Dubai. They have also partnered with and are trusted by global mobility leaders including Qualcomm, Kapsch, Motional and DENSO, and have best-in-class IP with a strong patent portfolio.
Dr. Georges Aoude, CEO of Derq said “Led by the Vision 2030, the Saudi market is gearing up for an unprecedented growth centered around transforming its regions into some of the top-most livable cities in the world. We are excited to be contributing through our cutting-edge AI solutions to improve road safety and mobility in the region of Makkah and across the Kingdom. We also look forward to bringing our smart infrastructure solutions to smart cities across the Kingdom and enabling safe autonomous vehicle deployments at scale.”
Wadi Makkah Ventures has discussed the possibility of applying the Derq technology to certain areas in the Holy Capital. Eng. Khaled Abdel-Ghani Suleimani, Chairman of the Board of Directors & The Investment Committee of Wadi Makkah Ventures added “With a planned target of 30M Umrah pilgrims and a population of 2.5M residents in Makkah city in-like with Vision 2030, the need for smart mobility solutions is critical to optimizing the capacity of the existing infrastructure in addition to streamlining traffic flows. Derq’s revolutionary technology is tackling the issues of road safety and traffic congestion in the Holy Capital. Investing in smart technologies like this will transform mobility between the holy cities – making it safer for all residents.”
This partnership also connects Derq with a strong network of regional investors that have extensive experience backing AI technology companies. Wadi Makkah is an ideal go-to-market partner for Derq in the Saudi market through both the Wadi Makkah Knowledge and Wadi Makkah Real Estate Company branches of the company.
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