The move aims at using technology to bring new businesses to the Kingdom as well as reduce carbon emissions
Saudi Aramco’s venture capital arm has invested in Tenderd, a UAE-based firm backed by Peter Thiel, which uses AI-generated insights to monitor and help reduce emissions. Aramco’s $500 million venture fund, Wa’ed Ventures, didn’t disclose how much it invested in the startup.
Wa’ed targets technologies that can bring new business to Saudi Arabia, which means Tenderd’s technology could be end up being used by Aramco as it looks to reduce its environmental impact and hit a target of net zero emissions from its operations by 2050.
Thiel, one of the biggest names in tech investing, backed a $5.8 million seed funding round for Tenderd in 2019. “With Wa’ed Ventures investment, we will be able to evolve industrial operations and lead the charge towards a greener, more sustainable future,” Tenderd CEO Arjun Mohan said in a statement.
