Saudi Aramco’s venture capital unit Wa’ed Ventures has re-invested in UAE-based Tendered, a start-up that seeks to reduce carbon emissions in heavy industries through AI-generated insights.

The VC arm’s second investment, which remains undisclosed, is part of the $30 million that the company raised in the latest Series A funding round led by A.P. Moller Holding, a $32 billion investment firm.

Other investors contributing to the new funding round are Quadri Ventures and Saurya Prakash, as well as other existing investors, including Nakhla Ventures, SOMA Capital and Liquid 2 Ventures.

The new capital will be used to support technological innovations and further expand the company’s global footprint.

The start-up seeks to transform data from heavy equipment used in construction, manufacturing and logistics operations into actionable insights. Its platform enables project owners and contractors to run equipment more effectively with an AI-powered tracking system, resulting in reduced emissions, as well as increased efficiency and enhanced safety.

“We are excited to double down on our investment in Tendered as the company transforms data collection and usage in the construction industry, driving AI-adoption to revolutionise one of the most traditional and challenging industries in the region,” said Muhammed Zeeshan Hassan, Chief Investment Officer at Wa’ed Ventures.

Saudi Arabia is one of the major markets that Tendered has a presence in. The company is seen as having a “tremendous potential” to play a key role in Saudi Arabia’s infrastructure development, according to Turki Al Nowaiser, Managing Partner at Nakhla  Ventures.

(Writing by Cleofe Maceda; editing by Seban Scaria)