WEF selects UAE startup as innovation partner

Dubai - Tenderd joins World Economic Forum to accelerate their mission to build a sustainable future.

Supplied photo
Supplied photo

Sandhya D'Mello

Published: Sun 9 May 2021, 12:45 PM

Last updated: Sun 9 May 2021, 1:16 PM

Tenderd, a digital procurement platform for equipment rentals, today announced that the World Economic Forum has selected them as the first company in the UAE to join their Global Innovators Community.

The World Economic Forum’s Global Innovators Community is a highly selective group of the world’s most promising startups at the forefront of technological and business advancements that make an impact. Thus, they represent, inform, and influence public and private sector decision-makers by contributing new ideas, perspectives, and innovations that address long-term concerns.

Arjun Mohan, chief executive officer and founder of Tenderd.
Arjun Mohan, chief executive officer and founder of Tenderd.

“We are thrilled to be using the UAE as a platform and engage on the global stage with policy and business leaders, to help initiate and guide sustainability and technology initiatives.” said Arjun Mohan, chief executive officer and founder of Tenderd.

Tenderd is working on the two initiatives that include accelerating the impact of IoT Technologies for small and medium-sized enterprises; and the circular economy action agenda for capital equipment.

The first pilot for this initiative was in Brazil, where they tested the effectiveness of IoT devices in helping 120 manufacturing SMBs in Brazil improve their profitability, sustainability and efficiency. The project was a resounding success and now being expanded to Colombia, South Africa, Kazakhstan, KSA and Turkey. Tenderd is on the business advisory council for the initiative to offer guidance and support for the planning and execution of the project across these markets.

25% of the global carbon emission comes from construction

Tenderd’s mission is to address this growing concern by leveraging the data they collect from their IoT technology connected to machines that are registered on their platform. They use their proprietary machine learning models to analyze the data and identify patterns that enable sustainable distribution and utilization of the overall population of machines in the region. The AI technology they have created helps companies in various heavy industries such as construction, manufacturing, logistics, agriculture, etc. to track and regulate emissions to run their equipment more sustainably and increase productivity.

Previously, Tenderd contributed to Circular Economy + Climate industry workshop. Their insights helped to kick-start some important conversations on collaborative circular solutions for net zero industry decarbonisation, building momentum behind this important agenda.

The startup is a procurement platform for equipment rentals. On the platform, companies can browse a database of thousands of telematics-fitted equipment, and pick the ones that fit their needs. The company was founded in Silicon Valley and funded by investors such as Y Combinator, Peter Thiel, Beco capital, and Rocket Internet. Tenderd now operates the largest equipment rental platform in the UAE and KSA, helping companies increase equipment utilisation, reduce fuel consumption, create operator scorecards, and minimize carbon footprint. From procurement to billing, all processes run digitally on the Tenderd platform, and helps companies save thousands of hours and dollars.

— sandhya@khaleejtimes.com

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