Source: Startup MGZN
Hazen.ai, a Saudi startup focusing on artificial intelligence-based traffic analytics and monitoring solutions, announced today a Seed round of an undisclosed amount from Saudi Aramco’s Wa’ed Ventures. This is Hazen.ai’s first funding round, and Wa’ed Ventures is the sole investor in this round. The financing will be used to further invest in the proprietary Computer Vision platform developed by Hazen.ai and to help it reach global markets.
Founded in 2017 in Makkah al Mukarramah, Hazen.ai is leveraging on advances in Computer Vision and Machine Learning for the traffic analytics and enforcement industry.
Hazen.ai is the brainchild of co-founders Dr. Anas Basalamah, Dr. Saleh Basalamah, Muhammad Amin and Dr. Sohaib Khan. The startup won the Product Innovation Award at Gulf Traffic 2018, which is a leading traffic industry event held in Dubai.
“Winning the award at Gulf Traffic meant a lot to us, because it gave us validation that the industry is ready for these new innovative solutions”, says Muhammad Amin, co-founder and CTO of Hazen.ai. “We are using the latest Deep Learning algorithms to introduce new products in this very important industry. In the end, it is about saving lives on the road.”
“We believe Hazen has great promise, using its cutting-edge algorithm with a potential to revolutionize traffic management and safety. In such an early-stage company is already exporting its AI-based traffic enforcement software to the United States. This makes the company one of the earliest advanced AI software exporters in the region”, said Wassim Basrawi, managing Director at Wa’ed Ventures.
“Hazen’s advanced computer vision and deep learning platform has the potential not just to significantly enhance traffic management and road safety, but also integrate into the evolving space of smart-city applications”, said Salman T. Jaffrey, Chief Investment Officer at Wa’ed Ventures highlighted.