Derq attracts investment from two venture capitalists
Smart infrastructure and connected and autonomous vehicle (C/AV) specialist Derq has announced strategic investments from two venture capitalists.
Smart infrastructure and connected and autonomous vehicle (C/AV) specialist Derq has announced strategic investments from two venture capitalists.
E& Capital - part of global technology group E&, headquartered in United Arab Emirates, and telecoms giant AT&T subsidiary AT&T Ventures - have put in undisclosed sums.
Derq’s AI-based solution fuses data from IoT traffic cameras and sensors and runs real-time edge analytics to enable infrastructure perception and V2X/5G applications as well as actionable safety and traffic insights.
The MIT spin-off says the new investment will be used to expand its activities in the US and Middle East - specifically Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and UAE.
The money will help accelerate the company’s investments in product development and grow its intellectual property portfolio.
“These strategic relationships not only validate the progress made to date but empower us to scale our operations and enhance our ability to deliver next-generation intelligent transportation solutions to customers around the world,” said Georges Aoude, co-founder and chief executive of Derq.
“We believe in Derq’s vision of creating safer and smarter road networks,” said Kushal Shah, managing director of e& capital. “Their AI-powered ITS solutions are perfectly aligned with e& capital’s strategic focus on investing in companies that are disrupting industries through emerging technologies like AI, connectivity and IoT.”
“Their solutions are transforming how cities and industries approach mobility, safety and efficiency,” said Vikram Taneja, head of AT&T Ventures. “We look forward to collaborating with their team to drive forward innovations that will shape smarter, more connected infrastructure.”
To date, Derq has more than 25 active deployments in 16 US states. The US Department of Transportation has announced Derq as a winner of the agency’s Intersection Safety Challenge and has named Derq among its 'Allies in Action'. Derq has joined the country’s National Roadway Safety Strategy and US Secretary of Transportation Pete Buttigieg’s call to action to reverse the spike in crashes and traffic-related fatality rates.
“We have bold plans to harness digital infrastructure and usher in a future where our roads are safer and more efficient,” said Aoude. “We are well-positioned to continue leading this charge and develop and deploy intelligent transportation solutions at scale.”