Abu Dhabi-based startup accelerator, startAD, is powered by Tamkeen and anchored at NYU Abu Dhabi (NYUAD), and they have announced the winning startups of the eighth edition of its Corporate Sprint Accelerator (CSA) program.
CSA is a market access accelerator for global businesses aimed at bringing cutting-edge digital innovation to the UAE, organized by startAD in collaboration with Ripple’s University Blockchain Research Institute.
Bracetrace, a start-up that uses real-time labor and materials tracking to improve safety and productivity on construction sites, and Finweg, a FinTech platform that uses blockchain technology to simplify creating and managing contracts and electronic assets, won prizes of $15,000 and $10,000, respectively.
From integrating blockchain to improve payments and construction contracts to using cryptocurrencies to encourage effective waste management, CSA is at the forefront of bringing cutting-edge innovation to practical business applications.
The 8th cohort included entrepreneurs from 11 countries around the world, with a total funding at about US$6.2 million. Accepted businesses engaged with CSA corporate partners to discover synergies with regional industry leaders in order to develop pilot and partnership opportunities.
Meanwhile, Consolidated Contractors Company (CCC) has expressed an interest in collaborating with three startAD start-ups to explore prospects. CCC will use its established position and cross-disciplined subject matter specialists to onboard construction technology start-ups under its umbrella as part of its strategic strategy.
CCC will form strategic partnerships with start-ups that can provide the domain and market knowledge needed for them to seamlessly integrate their future technologies into the construction field, with the goal of optimizing operations in terms of cost, quality, and time in accordance with the Sustainable Development Goals (SDGs).
Similarly, ALEC Engineering and Contracting said that it will continue to work with eProcure, an end-to-end blockchain B2B platform for identifying new business prospects.
Managing Director of startAD, Ramesh Jagannathan, commented on the 8th edition of startAD’s CSA: “It is exciting and rewarding to see the industrial tech startups participating in the CSA program secure opportunities with leading corporations, gaining international visibility and the opportunity to scale their ventures. This year’s CSA edition aligns with the UAE’s national agenda of building a strong ecosystem of opportunities within the industrial sector and seeks to contribute towards boosting one of the key forces of the local economy and driving sustainable economic development.”