WakeCap, a construction technology startup, has secured $28 million in new funding, announced during the Saudi-American Investment Forum.
The funding will help WakeCap grow its services and improve its technology to make construction sites safer and more efficient.
WakeCap is creating smart wearable technology that helps contractors and project managers track workers and activities on construction sites in real-time. This helps lower risks and makes big construction projects run more smoothly and efficiently.
This investment comes as Saudi Arabia’s startup sector is growing rapidly.
A report shows that Saudi Arabia is set to become the biggest market for bold investments in the region by the first quarter of 2025.
WakeCap, founded in Saudi Arabia, uses wearable devices and the Internet of Things (IoT) to gather and analyze data from construction sites.
The new funding will help WakeCap grow its operations in Saudi Arabia and other regional and international markets.
It will also improve WakeCap’s data analysis abilities and digital systems in a sector that has been slow to adopt digital technology.
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