Ibtikar Fund, Arco announce investment in Algebra Intelligence
- Ibtikar Fund and the Architects Contracting Company (Arco) have invested an undisclosed amount in Algebra Intelligence, a Jordan-based software development firm focused on the energy sector.
- Founded in 2020 by Ahmad Altawafsheh, Ala'a Alghwiri and Batool Almallahi, Algebra Intelligence is a software development firm that integrates AI solutions into the energy sector. Its flagship solution, TaQTaK, enables its clients to understand their energy usage and wastage and can look to incorporate renewable energy systems, specifically solar energy, to decrease their electricity consumption at lower costs.
- The investment will be used to develop Algebra’s artificial intelligence component and expansion into the Saudi market.
On November 17, 2022, on stage at the MENA ICT Forum, Ibtikar Fund and Architects Contracting Company (Arco) announced their joint investment in Algebra Intelligence, a software development company that has gone to market with TaQTaK, an energy management solution powered by artificial intelligence that includes real-time monitoring, proactive notifications, predictive maintenance, as well as ticketing and reporting.
“Using TaQTaK, Algebra’s clients are able to understand their energy usage and wastage and can look to incorporate renewable energy systems, specifically solar energy, to decrease their electricity consumption and lower costs,” explained Ahmad Altawafsheh, Algebra’s CEO.
TaQTaK’s main features include:
● Real-time monitoring of energy consumption and generation
● Asset management dashboard for day-to-day performance tracking
● Efficient ticketing system for internal and outsourced maintenance activities
● Detailed and customizable reporting system
● Financial projections and cash flow summary to support operations
● Android/iOS and web-based platform
● Arabic and English language support
On average, Algebra’s clients have witnessed energy savings of 25 per cent, a decrease in maintenance costs of 25 per cent, and an increase in their energy generation of 20 per cent. And, since their launch in July 2021, Algebra’s projects have led to a reduction of 388 tons of carbon dioxide (CO2) emissions, nearly 900,000 kilowatts (kWh) of energy savings, and nearly a 2,000 megawatts (MWh) increase in solar generation.
“At Ibtikar, we believe that now is the time to invest in a company like Algebra– energy costs are increasing, energy consumption is increasing, the cost of solar energy is decreasing, and governments, including in oil-rich countries, are encouraging the use of renewable energy. TaQTaK makes it easy for organisations to take control of their energy consumption and integrate solar and other renewables into their energy mix. We are excited to invest in this green-tech company and support them in their expansion,” explained Ambar Amleh, Managing Partner at Ibtikar Fund.
“While demand for energy continues to grow, making it available comes with a responsibility towards our resources. We will continue to strengthen our role as an innovative and integrated energy partner. We have evolved into the Arco organisation we are today with an international presence; adding value in the markets we operate in. This is our heritage, our legacy – and our guiding ethos for tomorrow. We are always looking for companies that have a future vision in developing our world to support and this is what we found in Algebra Intelligence” concluded Ashraf Youssef, CEO at ARCO.
Algebra is currently part of the Taqadam Accelerator by the King Abdullah University of Science and Technology (KAUST) in partnership with the Saudi British Bank (SABB) and will utilise this funding round to further perfect its artificial intelligence component and expansion into the Saudi market.