A construction technology company based in UAE known as WakeCap has secured $1.6 million in seed funding round. The particular round was led by a group of global investors including Consolidated Contractor Company (CCC), Graphene Ventures, Abunayyan Holding and Inspire Ventures Arabia, SOSV, startAD Seed and SeedCo Capital.
The company is planning to use these funds to develop the product and expand in every aspect, majorly in terms of their customers.
“With this investment, WakeCap is set on the path to develop the product and expand our customer base in the MENA region to achieve our goal of utilizing today’s technology and save lives at the construction field,” Hassan Albalawi, Founder and CEO at WakeCap stated.
The company was founded in 2017 and is basically an IoT-based enterprise solution to improve safety and productivity at the construction site. WakeCap’s safety and tracking device is now running multiple pilots in Dubai in association with large construction groups.
“We’ve been focused in construction technology startups in 2018 and have invested in 3 companies including WakeCap. We believe that WakeCap complements our portfolio and we’re excited to support their vision in making an impact and increasing productivity and safety of an industry which has not seen any changes for pretty long time”, Nabil A. Borhanu, Founder and Managing Partner at Graphene Ventures stated.
Also, it must be noted that WakeCap was ranked 92nd on “Top 100 Startups in the Middle East 2018” by Forbes Middle East. Also, the IOT solution that WakeCap provides to the construction sector in the region is promising and helps to improve the safety and productivity of workers in construction sites.