Derq, a company that sells AI-powered road safety tools, has secured new investment from a powerful and influential company as it looks to expand in North America.
The startup announced a “strategic investment” from e&capital, the venture capital arm of UAE-owned telecommunications company e&, and AT&T Ventures, the venture capital arm of AT&T.
Investors will receive a minority stake in the company for an undisclosed amount, Delk CEO Georges Oudet told Government Technology.
The company is based in Dubai and Detroit, and its roots date back to 2016. The company has raised at least $3.6 million, according to Crunchbase.
The company’s selling point is that it can combine data from sources such as traffic sensors and signal controllers to assist with transportation, and that artificial intelligence can provide critical insights.
Oudet said that while North America is a “top priority,” the new investment will help the company scale up in North America and the Persian Gulf region. The company has 25 projects in 16 states.
His optimism about future growth is fueled in part by federal spending on U.S. infrastructure as part of the Biden administration’s plan.
“We are benefiting from that growth,” he said.
Derq also plans to use the new capital for product development and building its intellectual property portfolio. The company says its products are backed by at least 14 patents.
“We are excited to make this strategic investment in Derq, a significant innovator in intelligent transportation solutions,” Vikram Taneja, head of AT&T Ventures, said in a statement. “Their solutions are transforming the way cities and industries approach mobility, safety and efficiency.”
Derq has been recognized by the U.S. Department of Transportation for its intersection safety system.
Thad Rooter writes about the business of government technology. He has covered local and state government for newspapers in the Chicago area and Florida, as well as e-commerce, digital payments and related topics for various publications. He lives in Wisconsin.
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