Three technology-based startup companies, Kinteract, Justice Chain, and Addenda, have turned their innovative solutions to support communities and businesses in minimizing the impact of the COVID-19 outbreak. The three companies are members of the Mohammed bin Rashid Innovation Fund (MBRIF), an initiative launched by the Ministry of Finance to promote and foster innovation in the UAE.
Kinteract, an education-technology platform for continuous learning, is supporting parents, teachers, and schools by providing free access to its remote learning solutions to the schools affected by COVID-19 for the rest of the academic year. The company’s platform has been adopted by leading educational institutions all over the world. Kinteract’s unique technology brings teaching, learning, real-time communication including video lessons, and data dashboards together in one place for easy and complete assessment of student progress and instant dialogue between teachers, students and parents. Starting this week, Kinteract is also extending its access outside of schools, allowing sports centers, instructors and coaches to use the platform via task setting and video streaming.
Justice Chain, a blockchain platform focused on public safety, has developed a blockchain application that anonymously tracks COVID-19 patients, sharing real-time critical case information securely with concerned health providers, clinicians, government authorities, researchers and laboratories. Additionally, it connects medical suppliers and donors with hospitals to streamline the medical supply-chain, helping with supply shortage issues seen globally. The platform aims to support by providing patients with immediate care and attention, visibility into the hospital resource status, and allows authorized suppliers of medical equipment (e.g. respiratory equipment) and personal protective equipment (e.g. masks, gowns) to track in real-time, the demand from hospitals, labs and treatment facilities. The application, called ‘CoronaChain’, has just launched and will be free to use for the above-mentioned sectors.
Addenda, a blockchain-based start-up using distributed ledger technology to streamline processes between insurance companies, has offered free access to its services to UAE-based new joiners throughout the month of April. The company’s tech solution will allow companies to process motor claims digitally instead of on paper, so that insurance company employees can work safely from home.
Her Excellency Mariam Mohammad Al Amiri, Assistant Undersecretary for the Management of Financial Resources, said: “Members of the MBRIF are selected based on their potential to change the world as we know it for the better. The work of Kinteract, Justice Chain and Addenda during a time when the world is experiencing unprecedented challenges is exemplary of how companies of all sizes have the potential to make a positive economic and social impact. This also confirms the importance of supporting a strong startup ecosystem in the UAE and around the world.”
Since its inception, the MBRIF has set up an ecosystem of global experts and partners that provide member companies with access to affordable funding, world-class services, and mentorship. The initiative helps companies accelerate their innovations, elevate their capabilities, unlock value, and scale their businesses. The member companies, which include startups and SMEs, have achieved significant progress and growth, including scaled operations, expanded footprint and revenue, securing funding, and winning prestigious industry recognitions.
About the MBRIF:
The Mohammed bin Rashid Innovation Fund (MBRIF) is a federal initiative launched by the Ministry of Finance. Since its launch in 2015, the MBRIF has supported innovators through its first program, the Guarantee Scheme, operated by Emirates Development Bank. The Guarantee Scheme program offers innovators access to funding through a government-backed credit guarantee that helps to accelerate their growth and scale their business.
Earlier this week, we launched our Q1 2020 MENA Venture Investment Report, providing an in-depth review of venture investment over the last three months. In it, the data highlights the early effects of COVID-19 on MENA’s startups.