Fast Company selects UAE based startup, Tenderd, as one of the World’s Most Innovative companies in 2020
DUBAI, UAE – March 11, 2020 – Tenderd, a Y-Combinator backed startup based in the UAE, has today announced that it has been placed in the top 10 in the Middle East category in Fast Company’s 2020 Most Innovative Companies.
Arjun Mohan, the founder of Tenderd, voiced his excitement on being recognised by Fast Company. “It’s a pivotal moment for startups serving the construction sector in the region, seeing that this industry is one of the biggest influencers to the economy, yet receives the least attention from innovative technologies.”
“We are always looking for new technologies that enable us to increase work site efficiency, this is why we engage with Tenderd’s equipment rental marketplace for our EXPO 2020 project and Dubai Hills project.” said Wei Chuanhai, President Assistant at China State Construction Engineering Corporation.
Tenderd, which launched just a little under 2 years ago has grown to become the largest heavy equipment rental marketplace in the region, with operations in the United Arab Emirates and Saudi Arabia. Tenderd counts on influential investors such as Paul Graham, Paul Buchheit, Peter Thiel, Dynamo Ventures, Revel Partners, Rainfall Ventures, Global Founders, and BECO Capital.
It is worth noting that the MEA construction market is valued at $635 billion, and growing at 9% CAGR - fastest in the world. Tenderd is leveraging machine learning technology to improve productivity and cost management on project sites. To support its ambition, Tenderd has developed Tenderd Track Vision jointly with Google and Nvidia - to utilize video data to estimate the productivity of construction sites.
“It is very exciting to see a company from the UAE taking on the construction industry, and injecting much-needed innovation. The team at Tenderd have proven themselves to be capable executors, and making a name for themselves,” said Tamer Ahmed, Equipment Superintendent at WBG, a major contractor in Abu Dhabi.
All machines rented through Tenderd are tracked through its proprietary Tenderd Track platform. The platform is available on desktop and mobile and provides contractors with actionable data to better manage the efficiency and cost of their rented equipment. This is a procurement category that is usually overlooked and relegated to the inefficient paper process. The Tenderd platform enables contractors or developers to have unparalleled control over spend and efficiency of this supply chain that plays a pivotal role in all large scale construction projects.
“Tenderd’s technology platform can ultimately standardize and change how equipment is utilized in our industry” said Chris Ratcliffe, Workshop Manager at Overseas AST, a leading contractor based in Dubai, UAE.
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