Wed 22-12-2021 19:35 PM
ABU DHABI, 22nd December, 2021 (WAM) -- startAD, the Abu Dhabi-based startup accelerator powered by Tamkeen and anchored at NYU Abu Dhabi (NYUAD), has announced the winning startups of the eighth edition of its Corporate Sprint Accelerator (CSA) programme.
A corporate innovation programme presented by startAD in partnership with Ripple’s University Blockchain Research Institute, CSA is a market access accelerator for global startups aimed at bringing cutting-edge technology innovation to the UAE.
Bracetrace, a start-up that aims to enhance safety and productivity on construction sites by allowing real-time labor and materials tracking, and Finweg, a fintech platform that facilitates the creation and management of contracts and electronic assets using blockchain technology, won cash prizes of US$15,000 and US$10,000 respectively.
CSA is at the forefront of bringing cutting-edge technology to practical business applications - from applying blockchain to improve payments and construction contracts, to using cryptocurrency to promote efficient waste management.
The eighth cohort saw participating startups representing 11 countries from across the globe with total funding secured of about US$6.2 million. Accepted startups worked with CSA corporate partners to explore synergies with regional industry leaders for pilot and partnership opportunities.
In that context, Oracle Construction and Engineering is collaborating with Nadeera, a start-up that leverages technology to promote environmentally conscious behaviour and facilitates sustainable waste management systems.
Meanwhile, Consolidated Contractors Company (CCC) has expressed its intent to explore opportunities with three startAD start-ups. As part of its strategic direction CCC will leverage its established presence, countless fields of operation, and cross‐disciplined subject matter experts to onboard construction technology start-ups under its umbrella.
CCC will develop strategic partnerships with the start-ups offering the domain and market knowledge needed in order for them to integrate their future technologies seamlessly into the field of construction with the aim to optimise operations in terms of cost, quality, and time in line with the Sustainable Development Goals (SDGs).
In a similar spirit, ALEC Engineering and Contracting announced that it will continue its engagement and technical evaluation with eProcure, an end-to-end blockchain B2B platform to identify new business opportunities.
Commenting on the eighth edition of startAD’s CSA, Managing Director of startAD Ramesh Jagannathan said, "It is exciting and rewarding to see the industrial tech startups participating in the CSA programme secure opportunities with leading corporations, gaining international visibility and the opportunity to scale their ventures. This year’s CSA edition aligns with the UAE’s national agenda of building a strong ecosystem of opportunities within the industrial sector and seeks to contribute towards boosting one of the key forces of the local economy and driving sustainable economic development."
Co-founder of the start-up Nadeera Reem Khattar, who secured two pilots through the programme, said, "The CSA programme is highly beneficial for technology startups looking to grow in the UAE. The engagement with corporations and the training is extremely specific, structured, and driven toward a clear end goal. We are honored to be a part of the programme and are looking forward to working closely with Oracle Construction and Engineering."