Derq raises $500,000 from Wadi Makkah Ventures
- Derq has raised $500,000 from Wadi Makkah Ventures as part of its pre-Series A round, which included other global investors. The investment was made in December 2020.
- Derq, an MIT-spinoff, is a US and Dubai-based artificial intelligence startup for video analytics to help create safer and smarter roadways.
- Its patented AI technologies and predictive analytics helps eliminate crashes, save lives, and create safer roads. Its solution is currently deployed in several cities across the US, Europe and UAE.
- Derq plans to use the investment to expand to Saudi Arabia with Wadi Makkah as its “go-to-market” partner.
DERQ, a Detroit- and Dubai-based start-up, has finalized a $500,000 investment from Wadi Makkah Ventures as part of a pre-Series A round that included several other leading global tech investors. The investment, made in December 2020, brings the total funds raised by the company to nearly $6 million to date. Derq is an MIT-spinoff and the leading AI company for video analytics powering the future of roads for the safe and efficient movement of road users and autonomous vehicles.
Derq has built an award-winning platform powered by patented AI technologies and predictive analytics helping eliminate crashes, save lives, and create safer and smarter roadways. Derq has live deployments in the USA, Europe, and the UAE, with forward thinking cities and states, including Michigan, Ohio, Nevada and Dubai. They have also partnered with, and are trusted by, global mobility leaders including Qualcomm, Kapsch, Motional and DENSO, and have best-in-class IP with a strong patent portfolio.
Wadi Makkah Ventures invests in local and international start-ups that provide services and technologies to improve and develop the quality of the services in the Hajj and Umrah sector. Wadi Makkah Ventures is thrilled to be a partner with Derq, a leading AI company, to help address key challenges and opportunities that will positively impact both the safety and mobility of vehicles and pedestrians across the Kingdom.
This partnership also connects Derq with a strong network of regional investors that have extensive experience backing AI technology companies. Wadi Makkah is an ideal go-to-market partner for Derq in the Saudi market through both the Wadi Makkah Knowledge and Wadi Makkah Real Estate Company branches of the company.
“Led by the Vision 2030, the Saudi market is gearing up for an unprecedented growth centered around transforming its regions into some of the top-most livable cities in the world,” said Dr. Georges Aoude, CEO of Derq, “We are excited to be contributing through our cutting-edge AI solutions to improve road safety and mobility in the region of Makkah and across the Kingdom. We also look forward to bringing our smart infrastructure solutions to smart cities across the Kingdom and enabling safe autonomous vehicle deployments at scale.”
Wadi Makkah Ventures has discussed the possibility of applying the Derq technology to certain areas in the Holy Capital.
“With a planned target of 30M Umrah pilgrims and a population of 2.5M residents in Makkah city in-like with Vision 2030, the need for smart mobility solutions is critical to optimizing the capacity of the existing infrastructure in addition to streamlining traffic flows,” says Eng. Khaled Abdel-Ghani Suleimani, Chairman of the Board of Directors & The Investment Committee of Wadi Makkah Ventures. “Derq’s revolutionary technology is tackling the issues of road safety and traffic congestion in the Holy Capital. Investing in smart technologies like this will transform mobility between the holy cities – making it safer for all residents.”