BNR – The Saudi Arabian Oil Group, Aramco, has made investments in Tenderd, a company that is based in the UAE. Peter Thiel, the German-American billionaire entrepreneur and venture capitalist backs the company which utilises AI technology to reduce gas emissions. The company also uses the same technology to observe and analyse gas levels.
The 500 million dollars of the Saudi company’s fund, Wa’ed Ventures, did not reveal the amount of investment in Tenderd.
AI-driven Net-zero Emissions
The venture fund focuses on tools and innovations that are able to draw more revenue and profit in Saudi Arabia.
This indicates that the technology used in the start-up Tenderd may land up being a tool for Aramco. It is particularly possible as the Saudi Oil Group desires to decrease its carbon footprint. The company also wants to reach an objective of net-zero emissions in 2050.
Tenderd-Aramco Partnership Objectives
Wa’ed Ventures said in a tweet, “We are excited to welcome @TenderdTrack to the Wa’ed Ventures portfolio.” They stated that the partnership between them will be beneficial to resolving issues about sustainability for industrial firms regionally.
“Tenderd provides AI-generated insights to cut CO2 emissions in sectors like energy and construction,” the venture fund added.
Thiel is one of the most renowned entrepreneurs in technology investment. He contributed a $5.8 million initial fund round for Tenderd four years ago.
Tenderd Chief Executive Officer Arjun Mohan stated that they will be able to improve the industry’s operations and be at the fore toward achieving an ecological environment, particularly with Aramco’s Wa’ed Venture Fund.