KSA-Based WakeCap Secures US$28 Million To Scale Globally
Founded by Hassan Albalawi and Ishita Sood in Saudi Arabia in 2017, WakeCap has built a reputation as a trusted technology partner on some of the most complex construction projects in the world.
Saudi Arabia-based contech startup WakeCap has raised US$28 million in fresh funding at the Saudi-US Investment Forum to accelerate its expansion across key global markets, pushing its mission to digitize one of the world’s least digitized industries—construction. The investors behind the funding round have not been disclosed.
Founded by Hassan Albalawi and Ishita Sood in Saudi Arabia in 2017, WakeCap has built a reputation as a trusted technology partner on some of the most complex construction projects in the world, with partnerships with the likes of Aramco and Public Investment Fund (PIF)-backed megaprojects like Qiddiya and NEOM.
The new capital, which builds on previous support WakeCap has received (including an undisclosed investment from Wa’ed Ventures, the venture arm of Aramco, in April 2022), will go toward bolstering WakeCap’s technology and team, further reinforcing its presence in Saudi Arabia and expanding its footprint into international markets. “We’re investing in our technology, our people, and our growth as we scale in the region, the US, Latin America, and Asia,” Di-ann Eisnor, Chief Strategy Officer at WakeCap told Inc. Arabia. “We’ll continue to transform megaprojects with advanced data and technology across every use case.”
Eisnor believes WakeCap’s presence at the heart of Saudi’s megaprojects and in Silicon Valley’s tech environment gives it a unique edge. “A truly diverse culture of collaboration and proactivity can really be built and leveraged here [in Saudi Arabia],” she said. “We have a team from 34 countries working to make this a globally successful company, bringing the best expertise across data, software, hardware, and construction.”
Di-ann Eisnor, Chief Strategy Officer at WakeCap.
The construction technology—or contech—sector has become increasingly attractive to investors as infrastructure spending surges globally, but the adoption of advanced digital tools still lags behind. WakeCap is working to bridge that gap with a platform that integrates real-time sensor data, analytics, and AI-driven decision-making.
WakeCap’s core technology centers on wearable internet of things (IoT) devices and a data platform that provides real-time insights into worker activity and site operations. This gives contractors and project owners greater control over safety, productivity, and scheduling on large-scale builds.
According to Eisnor, the biggest trends shaping the contech sector are rooted in four key areas: safety, data, intelligence, and ecosystem. WakeCap's technology, she explained, helps to ensure that workers who build in harsh conditions and highly complex environments are safer.
Eisnor also emphasized that the company is fulfilling the industry's need for more accurate site data. “The industry has gone too long with data estimates and partial data collection solutions. Only through advanced sensor technologies and integrations can we have the data we need to control projects.”
Once this data is captured, WakeCap uses artificial intelligence (AI) to optimize performance across project lifecycles. “We now use AI to optimize, offer solutions, and create efficiencies across the entire construction lifecycle," Eisnor explained. "We verify and audit budgets, schedules, and progress in an integrated manner.”
By closing the cycle, from data collection to performance optimization, WakeCap thus aims to make the industry safer and more efficient.
Pictured in the lead image is Hassan Albalawi, WakeCap co-founder and CEO (L) and co-founder Ishita Kochhar (R). Images courtesy WakeCap.
