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November 11, 2018,   3:02 PM

UAE-based WakeCap Secures $1.6 Million Seed Round From Global Investors

Forbes Middle East

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UAE-based construction technology startup WakeCap has secured $1.6 million seed round from a group of global investors including the leading construction industry player Consolidated Contractor Company (CCC), Silicon Valley-based firm Graphene Ventures, Abunayyan Holding and Inspire Ventures from Saudi Arabia, SOSV, startAD Seed anchored at NYU Abu Dhabi, and SeedCo Capital.

Founded in 2017, WakeCap is an IoT-based enterprise solution to improve safety and productivity at the construction site. Its safety and tracking device is now running multiple pilots in Dubai in partnership with large construction groups.

“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 utilizing today’s technology and save lives at the construction field,” as Hassan Albalawi, Founder and CEO at WakeCap commented.

Construction technology investments have hit an all-time high with a total of $1 billion worth of investments in the first half of 2018 worldwide, according to a new report by JLL

“We’ve been focused in construction technology startups in 2018 and have invested in 3 companies including WakeCap. We believe that WakeCap complements 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”, as Nabil A. Borhanu, Founder and Managing Partner at Graphene Ventures said in a statement.

Meanwhile, Aref Boualwan, CCT Executive Board Member at CCC, said “One of CCC’s main pillars of focus is safety and we found WakeCap as one of the promising startups in the construction industry," while Abdullah Almedbel, Investment Manager at Abunayyan Holding commented, “At Abunayyan Holding, we put a lot of emphasis on the health and safety of our employees especially those working in extreme environments. WakeCap, through its simple yet very creative and seamless solution, will help us improve the safety and productivity levels in the construction and industrial fields.”

Rakan Alakeel, Founding Partner at Inspire Ventures, explained that “One of our main objectives at Inspire Ventures is to look for startups which offers unique solutions aiming to develop and disrupt a particular sector and we believe WakeCap is one of them."

He added that the IOT solution that WakeCap provides to the construction sector in the region is promising and will help to improve the safety and productivity of workers in construction sites.

"WakeCap has created a transformational solution that values human life and productivity at its core, and can be applied with ease to significantly benefit a trillion-dollar industry, and we will support WakeCap to create local and global impact” as Ramesh Jagannathan, Managing Director of startAD and Vice Provost for Innovation at NYU Abu Dhabi said.

He continued, “startAD supports hardware startups in the ecosystem and we believe that in addition to disrupting the market, these startups leveraging AI and machine learning will disrupt the way society lives in the second machine age."

WakeCap was ranked 92nd on “Top 100 Startups in the Middle East 2018” by Forbes Middle East.


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