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UAE-based construction tech startup raises $1.6m in funding

UAE-based construction tech startup raises $1.6m in funding
UAE-based construction startup raises $1.6m in funding

Mubasher: A UAE-based construction startup has announced closing its funding round with $1.6 million in investments from a group of investors from the UAE and Saudi Arabia.

WakeCap received investments from leading construction firm Consolidated Contractor Company (CCC), Silicon Valley-based Graphene Ventures, Saudi Arabia's Abunayyan Holding and Inspire Ventures, SOSV, startAD Seed anchored at NYU Abu Dhabi and SeedCo Capital.

“With this investment, WakeCap is set on the path to develop the product and expand our customer base in the MENA region to achieve our goal of utilising today’s technology and save lives at the construction field," commented WakeCap founder and CEO Hassan Albalawi.

An Internet of Things-based (IoT) startup, WakeCap operates in enterprise solutions to improve safety and productivity at construction sites. With worksite safety and productivity being a global issue, WakeCap is working on solving problems arising at worksites by working directly with the end users of this technology, namely the workers.

"WakeCap is now running multiple pilots in Dubai in partnership with large construction groups," it said in a statement.

In 2018, the construction technology sector has seen around $1 billion in investments.

Commenting on the investment, founder and managing partner at Graphene Ventures Nabil A. Borhanu said this company has been focusing on

construction technology startups in 2018 and has invested in three so far including WakeCap.

"We believe WakeCap compliments our portfolio and we’re excited to support their vision in making an impact and increasing productivity and safety of an industry which has not seen any changes for pretty long time. WakeCap solved a huge problem through a unique approach” Borhanu stated.