Tenderd online construction marketplace has become the first UAE-based company invited to join the World Economic Forum’s global community of innovators.
The company will support two initiatives that community members are working on: accelerating the impact of Internet of Things (IoT) technology and a circular economy action program for capital goods.
The Global Innovators Community is a group of some of the most promising start-ups in the world offering technologies or business advancements that can have a wider impact on society.
Its members include the US flying vehicle company Joby Aviation, the UK-based genomic data analyzer Congenica and the India-based agricultural technology company MoooFarm, which uses sensors to monitor the health of livestock.
“We are excited to use the UAE as a platform and engage globally with policy and business leaders, to help launch and guide sustainability and technology initiatives,” said Arjun Mohan, Founder and chief executive officer of Tenderd, in a statement.
Tenderd offers companies the possibility to lend or borrow construction machinery which it combines with telematics equipment to monitor the efficiency of their use. The company raised $ 5.8 million in a first round of funding in late 2018 from Silicon Valley accelerator Y Combinator, PayPal co-founder Peter Thiel, German venture capital firm Rocket Internet and of Beco Capital, based in Dubai.
Tenderd will be part of a business advisory board on accelerating the use of IoT around the world.
The World Economic Forum has already conducted a pilot project in Brazil in which IoT devices were used to help 120 small and medium-sized businesses improve their efficiency, sustainability and profitability. This program is currently deployed in other markets including Saudi Arabia, Kazakhstan, Turkey, South Africa and Colombia.
The company will also provide data collected from its own IoT devices connected to machines registered on its platform and use machine learning methods to identify patterns and ways to improve usage.
Construction is responsible for around 25% of global carbon emissions, according to Tenderd. Better data collection can help companies track and regulate emissions from equipment, the company said.