The startup's AI read safety technology is expected to be utilised as part of big transformation plans in Makkah.
Road safety AI platform Derq has raised $500,000 from Saudi Arabia's Wadi Makkah Ventures as part of its pre-Series A round. Based in Dubai and Detroit, Derq is a MIT-spinoff that develops patented AI technology and video analytics that would allow drivers and autonomous vehicles to safely and efficiently navigate the road. The funding round brings Derq's total funds to $6 million to date.
With their technology currently used in multiple cities in Europe, the US and the UAE, Derq plans to expand into Saudi Arabia with Wadi Makkah Ventures as their go-to-market partner, connecting Derq with a network of regional investors with a history of supporting similar AI technology startups.
“Led by the Vision 2030, the Saudi market is gearing up for an unprecedented growth centred 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.”
Derq's AI road safety technology is anticipated to play a large part in transforming Makkah to help the holy city accommodate Saudi Arabia's Vision 2030 target of 2.5 million residents and 30 million Umrah pilgrims.
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