Home Technology Artificial Intelligence 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 by Bloomberg July 19, 2023 Image credit: Getty Images 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. We are excited to welcome @TenderdTrack to the Wa’ed Ventures portfolio as we partner to tackle sustainability challenges faced by industrial companies in the region. Tenderd provides AI-generated insights to cut CO2 emissions in sectors like energy and construction. pic.twitter.com/YJv6LxQ6f5 — Wa’ed Ventures (@Waed_Ventures) July 18, 2023 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. Read: How can AI expose ‘very real’ ESG risks? Tags GHG emissions Peter Thiel Saudi Aramco Tenderd Wa’ed Ventures 0 Comments You might also like Aramco signs multi-year global partnership deal with FIFA Aramco plans to bolster China investments with 10% stake in Hengli Petchem TAQA, JERA to build cogeneration plant for Saudi Arabia’s SATORP Aramco CEO: “We should abandon the fantasy of phasing out oil and gas”