Venture Capital

Hazen.ai secures follow-on funding from Wa’ed

Read more at www.wamda.com

Hazen.ai secures follow-on funding from Wa’ed

Saudi Arabia-based Hazen.ai, has received a follow-on investment from Wa’ed, the entrepreneurship arm of Aramco. The startup received its first-ever funding from Wa’ed back in 2019.

Founded in 2017, Hazen.ai by Sohaib Khan, Saleh Basalamah, Anas Basalamah, and Muhammad Amin, the startup leverages artificial intelligence (AI) and machine learning technologies to improve road safety software and traffic systems. Hazen.ai’s software systems help reduce fatalities by enabling law enforcement officials to spot dangerous drivers quicker. 

Earlier this year, the company won a global award from the International Road Federation for its traffic management systems.

“This second round of financing from Wa’ed will enable Hazen.ai to bring its life-saving technology to more regions around the world. As a Saudi startup, we are grateful for the continued support from Aramco’s entrepreneurship arm, which is helping bring Saudi solutions like Hazen.ai’s to a global audience,” said Sohaib Khan, CEO and cofounder.

The startup’s system is currently used in the UK, the US, Oman, Egypt, Spain, and Peru. It is currently bidding on projects in Argentina, Saudi Arabia, and Nigeria. Hazen.ai plans to use the fresh funds to further increase its global footprint.

Wassim Basrawi, managing director of Wa’ed said: “We are thrilled to support game-changing Saudi startups such as Hazen.ai, whose innovative technology can help save lives around the planet, which offers venture capital investment, loan financing, and incubation. Companies like Hazen.ai are great ambassadors to showcase the Kingdom’s entrepreneurial energy and talents to the world.”

 

Read more at www.wamda.com

Show More

Related Articles

Back to top button