Saudi Arabia is expecting growth in the mobility sector, and that is because of the collaboration between the two promising technology companies. The cooperation consisted of AHOY Technology which has licensed software and resale rights of IT products to IoT Squared.
IoT Squared is a Saudi Company that is a joint project between the PIF(Public Investment Fund of Saudi Arabia ) and the etc. Group (Action Group on Erosion, Technology, and Concentration). While AHOY is a UAE- based new age technology startup focusing on motion solutions.
In this collaboration, AHOY Technology aims to launch a full suite of services and products in the Kingdom, including programming interfaces, technology interfaces, and software development kits.
CEO of AHOY Technology, Jamil Shinawi, is hopeful about the amalgamation between the two companies. He believes his company is ready to confront adversity and help Saudi Arabia meet its 2023 goals.
Recently, he remarked in an interview with Arab News, “The Internet of Things is the eyes, ears, and senses of our technology; IoT not only comes with a great goal but also with an incredible world-class team that is more capable of creating wonders.”
The company has established a trading office in the Riyadh region and is also involved in different projects in sectors like aviation and mobility.
Besides, the company is at its best point, reaching its highest profits last year, winning around $ 16 million in revenue after its establishment.
COMET is a customizable PaaS ( Platform as a Service) that handles automated and complete transport management, improving performance and maximizing production through optimizing resources and processes.
Whereas FLY + is a PaaS responsible for providing remote/ door- to door check-in services and handling lost luggage for travelers.
Moreover, AHOY Technology has a Motion Studio whose technological infrastructure stimulates the development of customized software tools. This allows applications, solutions, and systems to be easily created. AHOY Technology operates in 60 markets and aims to establish a global user base in around 18 months to double the region’s operation by the end of the year.
The CEO also revealed plans to secure additional funding through a Series D round in 2023. The company aims to become the region’s first decacord and private equity firm worth more than $10 billion.
Moreover, this year also sees the launch of the new autonomous artificial intelligence command, control, and planning orchestrated, promoting efficient operations management.
Besides, the company is also actively developing a neural network-based solution for traffic, water, and data management.
