Hazen.ai, a maker of intelligent traffic systems that use Artificial Intelligence (AI) technologies to improve road safety, has received a follow-on investment from Wa’ed, the entrepreneurship arm of Aramco.

The company this year won a global award from the International Road Federation for its traffic management systems, which combine the latest in machine learning, AI and computer vision technologies to spot and report negative driving behavior.

Hazen.ai said it planned to use the new funding injection, its second since 2019 from Wa’ed’s venture capital arm, Wa’ed Ventures, to engage new global customers as its initial projects mature and go into deployment.

"This second round of financing from Wa’ed will enable Hazen.ai to bring its life-saving technology to more regions around the world," said Sohaib Khan, Chief Executive and Co-Founder. "As a Saudi start-up, we are grateful for the continued support from Aramco's entrepreneurship arm, which is helping bring Saudi solutions like Hazen.ai’s to a global audience."

Each year, about 1.35 million people die globally in traffic accidents, according to the World Health Organization. That is the equivalent of one person every 24 seconds. Hazen.ai’s software systems help reduce fatalities by enabling law enforcement to spot dangerous drivers quicker.

“We are thrilled to support game-changing Saudi start-ups such as Hazen.ai, whose innovative technology can help save lives around the planet,’’ said Wassim Basrawi, Managing Director of Wa’ed, which offers venture capital investment, loan financing and incubation. “Companies like Hazen.ai are great ambassadors to showcase the Kingdom’s entrepreneurial energy and talents to the world.”

Hazen.ai’s video-analysis software goes beyond conventional traffic-monitoring speed cameras to identify, for example, drivers who make sudden lane changes, are driving without a seatbelt or driving while operating a smartphone.

Hazen.ai was established in Mecca al Mukarramah in 2017 by Saudi-based entrepreneurs Sohaib Khan, Dr Saleh Basalamah, Dr Anas Basalamah and Muhammad Amin. The company’s software is being used to improve the effectiveness of traffic systems in the UK, the United States, Oman, Egypt, Spain and Peru. Hazen.ai is also bidding on projects in Argentina, Saudi Arabia, Nigeria and Egypt.

In 2018, Hazen.ai’s software won a Product Innovation Award at Gulf Traffic 2018, a regional traffic management gathering in Dubai. In November 2020, Hazen.ai won a prestigious IRF Global Road Achievement Award for Best Use of AI in Traffic Safety from the International Road Federation.

About Wa’ed

Wa’ed is the entrepreneurship arm of Saudi Aramco and the largest and most active institutional venture capital investor for Saudi-based start-ups, providing end-to-end support in mentoring, incubation, loan financing and venture capital investment. Established by Saudi Aramco in 2011 to harness the Kingdom’s entrepreneurial spirit, Wa’ed is an essential enabler of new business growth and economic diversification through its loan financing activities and Wa’ed VC arm, Wa’ed Ventures, which oversees $200 million in assets and a portfolio of 30+ Saudi-based companies. Based in Dhahran, Saudi Arabia, Wa’ed is a fully owned venture of Saudi Aramco. For more information: www.waed.net  

About Hazen.ai

Hazen.ai is a Saudi maker of traffic management and video analysis software systems that leverage artificial intelligence, computer vision and machine learning technologies to improve the management and safety of traffic on roads and highways around the world. Founded in 2017 in Mecca, Hazen.ai products are being deployed to help save lives and improve the driving experience in North America, Europe, Africa and the Middle East. For more information: www.hazen.ai 

Send us your press releases to pressrelease.zawya@refinitiv.com

© Press Release 2021

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.