Aldar Properties announced that five tech startups have been awarded pilot projects as part the second cycle of its equity-free accelerator programme, Scale Up, alongside strategic partner Majid Al Futtaim Communities.
The five selected businesses specialise in the rapidly evolving technologies of spatial and artificial intelligence, blockchain, NFT applications and data analytics, and align with the UAE’s smart and sustainable cities ambitions, as shift to Web 3.0 accelerates globally.
Developed in partnership with startAD, the Abu Dhabi-based global startup accelerator, powered by Tamkeen and anchored at NYU Abu Dhabi, this year’s programme focused on attracting international startups with technologies that have the potential to reimagine the future of the real estate industry and shape the open metaverse. Aldar has awarded four international startups with pilot contracts, while Majid Al Futtaim Communities has awarded two.
- LlamaZOO, a spatial business intelligence platform enabling enterprises to create real-time digital twins of places, spaces, and things. (Aldar)
- Darabase, an Augmented Reality outdoor media company, codifying and monetizing property digital rights in the metaverse. (Aldar)
- Geotwin, an advanced computing and research startup that operates a SaaS platform and offers a low-risk and cost-efficient way for organisations to test and evaluate strategies and investments. (Aldar)
- Sook Space, a platform that provides access to flexible, sustainable, affordable, and digitally-connected spaces. Bookable by the hour, and in multiple locations, Sook enables big and small businesses to experiment, connect with their communities, and thrive. (Aldar and Majid Al Futtaim Communities)
- Metaverse Architects, an industry-leading development, investment, and advisory firm in the Metaverse sector. (Majid Al Futtaim Communities)
Following a rigorous process of assessing over 300 applications from 69 countries, 10 startups were accepted to take part in a 4-week sprint accelerator where they received curated training sessions, worked with dedicated Innovation Champions within Aldar and Majid Al Futtaim, and benefited from access to global experts and introductions to regional industry leaders. The participating startups have raised an average of $632,000 in funding and generate an average annual revenue of $619,000. All 10 startups pitched their solutions to a selection committee for pilot projects with Aldar and Majid Al Futtaim Communities.
Commenting on the Aldar Scale Up Programme, Maan Al Awlaqi, Executive Director, Strategy and Transformation, Aldar Properties, said “Selected startups have demonstrated that their solutions can add real value to Aldar’s business model, whether through spatial intelligence platforms, monetising our real estate in the metaverse, or by connecting our communities with experiential spaces. We see great potential in these pilot projects and look forward to working with them.”
“We at Majid Al Futtaim Communities aim to support the real estate startup community in their ambitions to pave the way for future innovation while enhancing the industry. Advancements in tech will impact mixed-use communities and reduce inefficiencies in neighbourhoods,” said Shadi Al Azzeh, Managing Director, Majid Al Futtaim Communities. “At Majid Al Futtaim, innovation and digital transformation are critical strategic pillars. We are excited to partner with the selected pilot projects and work alongside them through exploring the metaverse or connecting our communities through digital touchpoints. “