JEDDAH: Waed, the arm of Saudi Aramco venture, announced on Thursday that it had increased its investment in an award-winning startup that provides intelligent traffic monitoring services.
Hazen.ai uses artificial intelligence (AI) technology to improve road safety, providing exceptional traffic detection solutions. The startup intends to use the latest funding to offer new business offers worldwide.
This second round of funding from Waed will enable Hazen.ai to bring its life-saving technology to more regions of the world, said Sohaib Khan, CEO and co-founder of Hazen.ai.
Wassim Basrawi, Managing Director of Waed, said: Companies like Hazen.ai are excellent ambassadors to showcase Kingdoms energy and entrepreneurial talent to the world.
We are excited to support Saudi beginners changing games such as Hazen.ai, whose innovative technology can help save lives across the planet.
The Makkah-based company won the Intelligent Traffic System category of Global Road Achievement Awards IRF 2020 for using AI solutions to address traffic management challenges.
Hazen.ais video analysis software surpasses conventional speed cameras for traffic monitoring to identify, for example, drivers making sudden lane changes, driving without a seat belt or while using a smartphone.
Enterprise software is being used to improve the effectiveness of traffic systems in the UK, US, Oman, Egypt, Spain and Peru, and the firm is also bidding for projects in Argentina, Saudi Arabia, Nigeria and Egypt.
Hazen.ai was created in Makkah in 2017 by Saudi based Khan entrepreneurs, Dr. Saleh Basalamah, Dr. Anas Basalamah and Muhammad Amin.
With more than 1.35 million people reportedly killed in car accidents worldwide and about 13,000 of those in the GCC, Saudi Arabia has embraced modern technology in an effort to address the issue.
Speaking at the latest Uber Ignite virtual webinar in the Middle East and North Africa, Naif bin Hwail, general manager of security and service monitoring at the General Transport Authority in Saudi Arabia, said the Kingdom had already seen the benefits of progress Like that.
We view safety as a very essential component within all modes of transport. We admire technology because technology has proven to be a contribution to security, he added.
Hwail pointed out that cooperation with the private sector and developments in education and technology had already resulted in the number of car accidents in the Kingdom falling by 20 per cent.
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