UAE start-up Tenderd joins World Economic Forum's Global Innovators Community

Online construction marketplace Tenderd is among the most first UAE-based company invited to become listed on the World Economic Forum’s Global Innovators Community.

The company will offer you its support on two initiatives being worked on by members of the city - accelerating the impact of Internet of Things (IoT) technology and a circular economy action agenda for capital equipment.

The Global Innovators Community is several a number of the world’s most promising start-ups offering technologies or business advancements that can have a broader effect on society.

Its members include US-based flying vehicle company Joby Aviation, UK-based genomic data analyser Congenica and India-based agricultural technology company MoooFarm, which uses sensors to monitor the health of cattle.

“We are thrilled to be using the UAE as a platform and engage on the global stage with policy and business leaders, to greatly help initiate and guide sustainability and technology initiatives,” Arjun Mohan, founder and leader of Tenderd, said in a statement.

Tenderd offers companies the opportunity to lend or borrow construction machinery which it fits with telematics equipment to track how efficiently they are used. The business raised $5.8m within an initial funding round in late 2018 from Silicon Valley accelerator Y Combinator, PayPal co-founder Peter Thiel, Germany’s Rocket Internet and Dubai-based venture capital firm Beco Capital.

Tenderd will be part of a business advisory council on accelerating IoT use around the world.

The World Economic Forum has already run a pilot project in Brazil where IoT devices were used to greatly help 120 small and medium-sized businesses improve their efficiency, sustainability and profitability. That programme is currently being rolled out to other markets including Saudi Arabia, Kazakhstan, Turkey, South Africa and Colombia.

The company will also provide data collected from its IoT devices linked to machines registered on its platform and use machine learning solutions to identify patterns and means of improving utilisation.

Construction is accountable for some 25 % of the world’s carbon emissions, according to Tenderd. Improved data collection can help companies to track and regulate equipment emissions, the business said.