Saudi Arabia is expecting a major upswing in the mobility sector thanks to a collaboration between two promising technology companies. The cooperation will consist of AHOY Technology licensing 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 Technology is a UAE-based new age technology startup that focuses on motion solutions.
In this partnership, AHOY Technology intends to launch a full suite of products and services in the Kingdom, including programming interfaces, technology infrastructures and software development kits.
AHOY Technology CEO Jamil Shinawi is optimistic about the cooperation between the two companies. He believes his company is ready to overcome adversity and help Saudi Arabia meet its 2023 goals.
He remarked in a recent interview with Arab News:
"The Internet of Things is the eyes, ears and senses of our technology, iot squared not only comes with a great goal, but also with an incredible world-class team that is more than capable of creating wonders."
The company is also involved in several projects in different sectors such as aviation and mobility and has established a trading office in the Riyadh region.
AHOY Technology's chairman also sees the Kingdom's trends towards investment in technology and innovation as positive prospects for his company as he is confident of attracting 100 business clients in the coming years.
In fact, the company is at its best moment, having reached its highest profitability last year with over $16 million in revenue since its establishment. Furthermore, the CEO announced to Arab News that, in the first five months of 2023, it has already surpassed the previous year's earnings.
In terms of the most prominent type of licensed products offered by the company, there are COMET and FLY+.
COMET is a customisable PaaS (Platform as a Service) that takes care of the complete and automated management of transport, improving performance and maximising production through the optimisation of resources and processes.
On the other hand, FLY+ is a PaaS that is responsible for providing remote/door-to-door check-in services, as well as handling travellers' lost luggage.
In addition, AHOY Technology also has a Motion Studio whose technological infrastructure facilitates the development of customised software tools. This allows applications, solutions and systems to be created quickly and affordably.
AHOY Technology currently operates in 60 markets and aims to establish a global user base over the next 18 months, with the goal of doubling the regions of operation by the end of this year.
In terms of its future prospects, 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, i.e. the first private equity firm worth more than $10 billion.
This year also sees the launch of new autonomous artificial intelligence command, control and planning orchestrators, which will facilitate the efficient management of operations.
The company is also actively developing a neural network-based solution for traffic, water and data management.