Get any 3 reports for $799 with MAGNiTT PRO!

UAE-based WakeCap Closed $1.6M Seed Round

MAGNiTT 2 years ago - Sun, Nov 11, 2018, 5:47 AM

UAE-based WakeCap Closed $1.6M Seed Round
Author: MAGNiTT

Too much startup news to keep track of? Subscribe to MAGNiTT Daily and receive a snapshot of the top MENA startup news articles directly in your inbox: http://eepurl.com/dKYcrI


Press Release

 
November 11,2018: WakeCap, the first startup aiming to disrupt the construction industry in the MENA region closed their current round of funding. Construction technology investments have been on an all-time high with a total of $1B worth of investments in 2018 worldwide and this startup has secured its seed round of $1.6M from a group of global investors including the leading construction industry player Consolidated Contractor Company (CCC), Silicon Valley based firm Graphene Ventures, Abunayyan Holding and Inspire Ventures from Saudi Arabia, SOSV, startAD Seed anchored at NYU Abu Dhabi and SeedCo Capital.

WakeCap is an IoT-based enterprise solution to improve safety and productivity at the construction site. Safety and productivity at worksites are a global issue, WakeCap is solving this at the ground level by working directly with the end users of this technology, that is the workers. WakeCap is now running multiple pilots in Dubai in partnership with large construction groups.

“We’ve been focused in construction technology startups in 2018 and have invested in 3 companies including WakeCap. We believe that WakeCap compliments our portfolio and we’re excited to support their vision in making an impact and increasing productivity and safety of an industry which has not seen any changes for pretty long time. WakeCap solved a huge problem through a unique approach” says Nabil A. Borhanu, Founder and Managing Partner at Graphene Ventures.

“One of CCC’s main pillars of focus is safety and we found WakeCap as one of the promising startups in the construction industry. After meeting with Hassan personally, his passion to make this product a reality made us believe in it even further. Wakecap’s vision combined with our domain knowledge was a clear call to a strategic partnership that will help source innovation into our company and at the same time contribute to a product that is set to disrupt the traditional construction site operations” says Aref Boualwan, CCT Executive Board Member, CCC.

“At Abunayyan Holding, we put a lot of emphasis on the health and safety of our employees especially those working in extreme environments. WakeCap, through its simple yet very creative and seamless solution, will help us improve the safety and productivity levels in the construction and industrial fields. We are very excited to work with Hassan and WakeCap to implement the technology across all our subsidiaries” says Abdullah Almedbel, Investment Manager at Abunayyan Holding.

“One of our main objectives at Inspire Ventures is to look for startups which offers unique solutions aiming to develop and disrupt a particular sector and we believe WakeCap is one of them. The IOT solution that WakeCap provides to the construction sector in the region is promising and will help to improve the safety and productivity of workers in construction sites. We came to know Hassan and saw a passionate and talented entrepreneur and we are pleased to support him along with WakeCap team in their journey towards making a difference”, says Rakan Alakeel, Founding Partner at Inspire Ventures.

“startAD supports hardware startups in the ecosystem and we believe that in addition to disrupting the market, these startups leveraging AI and machine learning will disrupt the way

society lives in the second machine age. WakeCap has created a transformational solution that values human life and productivity at its core, and can be applied with ease to significantly benefit a trillion-dollar industry, and we will support WakeCap to create local and global impact” says Ramesh Jagannathan, Managing Director of startAD and Vice Provost for Innovation at NYU Abu Dhabi.

Hassan Albalawi, Founder and CEO at WakeCap commented, “With this investment, WakeCap is set on the path to develop the product and expand our customer base in the MENA region to achieve our goal of utilizing today’s technology and save lives at the construction field”.


Too much startup news to keep track of? Subscribe to MAGNiTT Daily and receive a snapshot of the top MENA startup news articles directly in your inbox: http://eepurl.com/dKYcrI
 

GET ON THE LIST

Stay up to date, subscribe to our newsletters

Already subscribed? Update your preferences.

Latest News