Saudi Aramco VC fund backs AI-powered emissions monitor Tenderd
Tenderd’s AI-technology could end up being used by Aramco as it looks to reduce its environmental impact and hit its net zero target
19 July, 2023
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Saudi Aramco’s venture capital arm has invested in Tenderd, a United Arab Emirates-based firm backed by Peter Thiel, which uses AI-generated insights to monitor and help reduce emissions.
Aramco’s $500m venture fund, Wa’ed Ventures, didn’t disclose how much it invested in the startup.
AI powering net zero ambitions
Wa’ed targets technologies that can bring new business to Saudi Arabia, which means Tenderd’s technology could 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 $5.8m 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 Chief Executive Officer Arjun Mohan said in the statement.
