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 in a statement 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.