Firm raises $30m to boost AI telematics for heavy equipment

Image credit: Scharfsinn/Shutterstock

A company that specialises in digital telematics systems for heavy equipment has successfully raised $30m funding to further boost the technology using AI.

Tenderd, which operates in the Middle East, has closed a $30m Series A funding round, which was led by A P Moller Holding; a $32bn investment company, and the parent company of the A P Moller Group, which includes A P Moller – Maersk.

New investors in the round included Quadri Ventures and Saurya Prakash, a product leader at Stripe. Existing investors Wa’ed Ventures, Nakhla Ventures, SOMA Capital, and Liquid 2 Ventures also re-invested, reinforcing their continued confidence in Tenderd’s growth.

Tenderd’s existing backers include Peter Thiel, Paul Graham, and Y Combinator.

Arjun Mohan, chief executive of Tenderd, said: “Tenderd will continue to innovate and grow, impacting sectors that have remained unchanged for decades, but which form the pillars of society. Positioned at the intersection of the digital and physical worlds, our technology allows industries to access unparalleled levels of efficiency, safety, and sustainability.”

The company’s cutting-edge platform transforms data from heavy equipment used in construction, manufacturing, and logistics operations into actionable insights.

Tenderd’s telematics platform is said to provide project owners and contractors access to a tracking system powered by AI, enabling them to increase overall equipment productivity by tracking and running equipment more effectively, resulting in increased efficiency, enhanced safety, and lowered emissions.

Such an approach is claimed to set a new standard for operational excellence and decarbonisation efforts, positioning Tenderd as a leader in the rapidly evolving landscape of industrial operations.

Chetan Mehta, head of growth equity at A P Moller Holding, said: “Tenderd is a leader within telematics solutions with a platform that offers real-time visibility and insights for heavy equipment across a range of industries. Their solutions enhance operational efficiencies, improve safety, and mitigate carbon emissions. We are excited to be investing in Tenderd and we look forward to contributing to their continued growth.”

Capital infusion

Muhammed Zeeshan Hassan, chief investment officer at Wa’ed Ventures, said: “We are excited to double down on our investment in Tenderd as the company transforms data collection and usage in the construction industry, driving AI-adoption to revolutionise one of the most traditional and challenging industries in the region.”

Saudi Arabia is one of the major markets that Tenderd operates in, highlighting the strategic importance of the region.

Turki Al Nowaiser, managing partner of Nakhla Ventures, added: “We see tremendous potential in Tenderd as a key player in Saudi Arabia’s infrastructure development. The commitment shown by the Saudi government through Vision 2030, evidenced by hosting events like the FIFA World Cup 2034 and Expo 2030, underscores the real and immediate opportunities for growth. We believe Tenderd’s technology will play a crucial role in supporting the sectors that will build the future of Saudi Arabia.”

The capital infusion is expected to fuel technological innovations, and enable Tenderd to further its aim to integrate AI with physical operations in the construction, mining, and industrial sectors.

The backing from partners across logistics, ports, energy, construction, and technology is said to underline the broad applicability of Tenderd’s technology.

Chris James, managing partner at Quadri Ventures, said: “We are thrilled about Tenderd’s integrated AI analytics platform. Its versatility and impact for different assets and brands makes it extremely valuable across asset-heavy industries such as construction, energy, logistics, mining, and marine. We look forward to supporting Arjun and the team with Tenderd’s global expansion and helping to contribute to their ongoing growth and success.”

Image credit: Scharfsinn/Shutterstock

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