Wa’ed raises investment in Hazen.ai, whose innovations make driving safe
February 17, 2021 — Hazen.ai, a maker of intelligent traffic systems that use Artificial Intelligence (AI) technologies to improve road safety, has received a follow-on investment from Wa’ed, the entrepreneurship arm of Aramco.
The company this year won a global award from the International Road Federation for its traffic management systems, which combine the latest in machine learning, AI and computer vision technologies to spot and report negative driving behavior.
Hazen.ai said it planned to use the new funding injection, its second since 2019 from Wa’ed’s venture capital arm, Wa’ed Ventures, to engage new global customers as its initial projects mature and go into deployment.
“This second round of financing from Wa’ed will enable Hazen.ai to bring its life-saving technology to more regions around the world,” said Sohaib Khan, Chief Executive and Co-Founder. “As a Saudi start-up, we are grateful for the continued support from Aramco’s entrepreneurship arm, which is helping bring Saudi solutions like Hazen.ai’s to a global audience.”
Each year, about 1.35 million people die globally in traffic accidents, according to the World Health Organization. That is the equivalent of one person every 24 seconds. Hazen.ai’s software systems help reduce fatalities by enabling law enforcement to spot dangerous drivers quicker.
“We are thrilled to support game-changing Saudi start-ups such as Hazen.ai, whose innovative technology can help save lives around the planet,’’ said Wassim Basrawi, Managing Director of Wa’ed, which offers venture capital investment, loan financing and incubation. “Companies like Hazen.ai are great ambassadors to showcase the Kingdom’s entrepreneurial energy and talents to the world.”
Hazen.ai’s video-analysis software goes beyond conventional traffic-monitoring speed cameras to identify, for example, drivers who make sudden lane changes, are driving without a seatbelt or driving while operating a smartphone.
Hazen.ai was established in Mecca al Mukarramah in 2017 by Saudi-based entrepreneurs Sohaib Khan, Dr Saleh Basalamah, Dr Anas Basalamah and Muhammad Amin. The company’s software is being used to improve the effectiveness of traffic systems in the UK, the United States, Oman, Egypt, Spain and Peru. Hazen.ai is also bidding on projects in Argentina, Saudi Arabia, Nigeria and Egypt.
In 2018, Hazen.ai’s software won a Product Innovation Award at Gulf Traffic 2018, a regional traffic management gathering in Dubai. In November 2020, Hazen.ai won a prestigious IRF Global Road Achievement Award for Best Use of AI in Traffic Safety from the International Road Federation.